Cost of crude oil ends year 57 percent higher

Observers see fuel continuing its unprecedented gains in 2008

NEW YORK – Oil prices ended the year near $96 a barrel, or 57 percent higher than where they began, and analysts expect rising demand and geopolitical instability to keep upward pressure on energy costs early in 2008.

…Oil reached a trading record of $99.29 on Nov. 21, and remains close to the range of inflation-adjusted highs set in early 1980. Depending on how the adjustment is calculated, $38 a barrel then would be worth $96 to $103 or more today.

Crude futures averaged $72.41 in 2007, compared with $66.25 in 2006, and had their the biggest percentage gain since 1999, when prices more than doubled to $25.60 a barrel.

AP