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After surging 57% in 2007 and nearing the $100 mark in the final months of 2007, crude oil prices breached the century`s peak of $100 a barrel on the NYMEX. A variety of factors, including the US crude inventory report, new troubles in oil-rich Nigeria, a further slide in the dollar and weak manufacturing data, caused the price surge. However, the main long-term driver is growing demand from emerging economies and weak supply. Experts predicted the oil would decisively vault $100 very soon.
The increasing use of oil leads to an adverse impact on the environment. Measurements from Antarctic ice cores show that just before industrial emissions started, atmospheric CO2 levels were about 280 parts per million by volume (ppm) or almost at the same level during the preceding 10,000 years. Since the beginning of the Industrial Revolution or in about 230 years, the concentrations of the greenhouse gases have increased to 380 ppm, which led to the global warming process and born serious environmental concerns.
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