Another oil shock
It's almost a replay of the 1973 oil shock. Even though the circumstances behind the current price rise, and even the rise itself, are less dramatic than in 1973, the impact is no less debilitating, particularly for India. Crude prices are now ruling at $135 (Rs 5,805) per barrel levels, as a result of supply worries, burgeoning global demand and the weakening of the dollar. Investment bank Goldman Sachs has predicted that oil prices will soon hit $200 (Rs 8,600) per barrel.
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