The price of oil has jumped by 63% since this time last year.
The price of a barrel of oil rose above $130 per barrel for the first time ever in international markets this morning.
When converted into euro it means the price of oil in global markets is almost €80 per barrel.
Meanwhile, the US House of Representatives passed a bill authorising the federal government to sue OPEC in US courts over alleged price fixing.
It is the the latest swipe at the cartel over skyrocketing oil prices.
The bill passed the Democratic-led House by 324 to 84 votes.
US President George W Bush has however threatened to veto the legislation.
The White House warned that the bill could discourage foreign investment in the US economy, subject US firms abroad to reprisals, and could end up limiting oil supplies, raising prices and threatening US jobs.
The bill would allow the US Justice Department to subject OPEC member nations to the same anti-trust laws as US firms face.
The Organization of Petroleum Exporting Countries, which produces 40% of the world's oil, comprises Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, Qatar, the United Arab Emirates and Venezuela.
