The Car and Truck Fleet and Leasing Management Magazine

Strike, Unrest in Nigeria Propel Oil Price Surge

April 28, 2008

NEW YORK --- Crude oil rose to a record price of $119.93 a barrel in New York on Monday, April 28, prompted by reports of a North Sea pipeline shutdown and militant attacks and a strike in Nigeria, Bloomberg reported.

BP Plc closed the Forties Pipeline System after a strike at the Grangemouth refinery cut power supplies. Also, a walkout by Exxon Mobil Corp. workers entered its fifth day in Nigeria. At the same time, a militant group known as the Movement for the Emancipation of the Niger Delta said it will continue attacks on oil and gas pipelines in Nigeria.

"As long as there are disruptions of high-quality crude, supplies prices are going to move higher," Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Mass., told Bloomberg. "If the Nigerian strike isn't settled, we could easily see oil rise to $125 by the end of the week."


Twitter Facebook Google+


Please note that comments may be moderated. 
Leave this field empty:

Fleet Incentives

Determine the actual cost of owning and running a vehicle in your fleet. Compare vehicles by class and model.

Sponsored by

Part of the Chrysler Group LLC, formed in 2009 from a global alliance between Chrysler and Fiat S.p.A. In the United States, Fiat is a brand of the Chrysler Group LLC.

Read more

Fuel Saving Strategies Survey

View our 2008 survey to benchmark your fleet's fuel and green strategies with other fleets.

Fuel Calculator

A managed fuel program can help you save time and money and gain control over the way you fuel your vehicles. Determine your potential savings by using our fuel calculator.
Launch Fuel Calculator 

Fuel Prices

U.S. Gasoline and Diesel Fuel Prices.

Launch Fuel Prices 

Up Next

More From The World's Largest Fleet Publisher