Oil prices hit record heights
Published:Thursday | May 22, 2008 | 4:10 PM
The price of oil has hit a record high above US$135 a barrel more than twice what it cost a year ago.
The latest surge was driven by data, which showed that supplies of crude in the US had fallen by 5.4 million barrels.
BBC reports said US light sweet crude for July delivery reached US$135.09 taking its gain for the year so far above 40 per cent.
In May 2007 it was priced at US$65.
Higher oil prices have reportedly pushed up the price of home energy bills, air travel and food.