Winter Fuels Oil Price Rise Threat

IF you thought lower petrol prices may be making a comeback after the world price of oil dipped below $US50 a barrel last week, think again.

A leading oil producing nation warned on the weekend that oil prices could spike sharply if there was a cold spell in the Northern Hemisphere and fuel consumption suddenly took off.

The problem was that a key oil producing cartel, the Organisation of the Petroleum Exporting Countries (OPEC), was already producing at almost peak capacity and would have no extra supplies to stop a price surge.
The Daily Telegraph