Oil bosses predict drop in prices
Oil industry bosses have predicted the price of oil will fall back from its current record high of more than $124 a barrel by the end of the year.
Audit, tax and advisory firm KPMG surveyed 372 executives in the petroleum industry, with 55% of them expecting the price of a barrel of crude will drop below $100 by the end of the year.
A further 21% predicted a barrel of oil will end the year between $101 and $110, while 15% forecasted the year-end price to be between $111 and $120 a barrel.
The news will come as a relief to motorists who have been hit hard by the surge in petrol and diesel costs.
Aside from finding cheaper car insurance deals and downsizing their cars, drivers have been struggling to find savings as fuel prices have spiralled
"The expectation of increased investment by US energy companies shows oil and gas executives are deeply concerned about energy security," said Bill Kimble, who oversees the global energy institute at KPMG.”
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