77$ for one barrel of Oil!

Oil is shooting up and up and it seems that no end is in sight.with the OPEC refusing to increase output of its wells in the near future everyone seems to be bidding on oil reaching even higher strata.who knows,with the current demand and the rush for oil one should not be all that surprised if it were to reach 85$ per barrel within the next year or so.
With most of the major funds being bullish on oil,this is causing a headache of sorts for most of the countries in the world,namely the U.S and India and so on.since the Oil prices have a huge impact on the prices of essential items in the Indian consumer market,the consumers should not be all that surprised to find that the next kilo of veggies may not be all that palatable to the middle class stomach.oil goes up and so does the prices of most of the things all over the world.unfortunately for us,one of the things to increase soon with the price in oil is the price of food items.maybe that is why the prices of food items in India have not reduced as much as they should have with a lower inflation.maybe the oil is boosting up the prices again.well,it has turned out to be an oily day of sorts!