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The price of oil hit a record high yesterday after Opec said that it could cost $80 a barrel in the next two years.

Any hope of long-term relief for motorists faded yesterday when international oil cartel OPEC announced it may revise its target price for oil closer to $US50 a barrel.
The previous target band for crude was between $US22 and $US28, but that was abandoned as unrealistic in January.
Speaking on the ABC TV's Inside Business program, OPEC's acting secretary-general Adnan Shihab-Eldin said a shortage of global refining capacity, and not supply, was fuelling the price rise.
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