THE SURGING crude oil price has surely been the year's biggest story, not only of its potential gains in the oil and gas sector, but also its impact on economies worldwide.
Fuelled by strong economic growth in China and the US, and growing demand resulting from a pick-up in global economic growth, oil prices gained momentum in most months of the year. It reached a record high of US$70 per barrel in September, sending many stock markets reeling and costs spiralling across the world.