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In July 2008, crude oil price touched $144.23 per barrel, which is a historical event as it has never happened before. All global analysts concur that the current crude oil prices are not stationary as they are still bound to rise and hit the $150 mark.
The situation in the crude oil market where future oil is more expensive than current oil is known as contango and this situation has been happening for quite sometime now. Although the trend does not show a steep increase, but fact of the matter is that the current crude oil prices will look cheap in few years from now.
The OPEC members are refusing to increase output although the demand for crude has increased worldwide. Many blame China and India, who have increased their demand substantially in the last couple of years. However, the simple fact is that crude oil consumption all over the world has increased and this has led to higher demand and low supply. Following the simple economics of supply and demand, it was foreseeable that crude oil prices would peak.
In addition, the US is facing an economic recession and markets all over the world have gone haywire. This has also led to increase in current crude oil prices. At the moment, consumers can just and see whether the prices will go back to what they were just a few months ago.
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In marine environment petroleum can be degraded microbially but it happens at different rates. The rate of degradation depends upon the nutrient concentration, salinity, temperature and other environment factors. There is evidence that microbial degradation affects the composition of petroleum and some fractions degrade easily while others more slowly. 
