Fresh warnings have emerged that oil prices could go even higher than Friday's record close and domestic gas prices in Britain may surge by 40% on the back of the trend.

Oil saw its biggest-ever one-day price jump on Friday with a leap of more than $11 a barrel to yet another all-time high of $139.12, meaning that the cost of the fuel has risen sevenfold since 2002 and doubled in the past 12 months, raising fears of both inflation and recession in oil-consuming nations.

Website theEnergyShop.com warned over the weekend that gas prices to retail customers could soon rise 40% and electricity by 20%. On Friday, forward wholesale gas prices rose 5.3%, meaning they are up 76% in the past year. ... Read full article