Transport chiefs braced for barrel hike

Transport chiefs in Ireland are bracing themselves for rocketing fuel costs matching the levels of the 1980s if crude oil price fears are realised.

Business and industrial heads are concerned that fuel costs will match the unrivalled prices of the 'eighties in the wake of the massive damage caused by Hurricane Katrina to US oil production.
Amid fears that oil prices could continue rising to 80-100 dollars per barrel, businesses and industries have even been contemplating the prospect of a 1970s style economic crisis.

Barclays Capital estimates that 20-40 million barrels of refined oil could have fallen prey to Katrina but precise figures won't be ascertained until flood waters subside somewhat.