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Thread: How can we live in the era of skyrocketing crude oil prices?

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[quote=DREAMLIFE,273408]Yesterday, the oil prices made a new high, reaching about 104 dollars per bucket. Some analysts said that the main reason for the oil prices increase is US dollar's decline. It is reported that US might cut its interest rates again, which makes dollar sliding more severely. On the other hand, OPEC decides to maintain the crude oil output. They condemned those financial investors for pushing up the oil prices. Meanwhile, they agree with the analysts that the oil prices have been rising because US dollar has been declining for a while. They also said that the new high oil prices might force them to produce more oil.

How does the soaring oil prices impact those countries that import a huge amount of crude oil? Two months ago, the head of US energy department warned that the high oil prices not only escalated inflation but also began to affect US economic growth. Impacted by the high oil prices, British central bank and European Central Bank were afraid that inflation might be ignited and their plan to cut the interest rates was also stopped.

What should we do to survive in the era of skyrocketing oil prices?[/quote]

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