This morning the price of oil reached a staggering 130$. Prices increased after the release of the US Department of Energy report, which pointed out that the national oil and gasoline supplies are lower than expected. What is more, the Earthquake in China influenced the price of oil, as well as the increased demand for diesel fuel.

On Friday, Saudi Arabia refused the USA request to increase oil production, because production had already been boosted at the beginning of the month and speculation by investors was driving oil prices upwards.

The biggest problem is that it seems prices will remain in the 100$ area, and several analysts have even dared to predict that oil might even reach 200$ a barrel in the following years. What is more, even though geologists and economists have shown that the oil reserves are plentiful, production might start to decrease in the following years.