Since early 2004, international crude oil prices have witnessed a massive upsurge. For several days in the second half of 2004, oil prices remained at US$50 a barrel. Although oil prices have declined in the past few weeks, yet they still remain on a higher side. Almost 70 percent rise in oil prices in the past one year has caused widespread panic across the world. The price hike shocked the OPEC (Organization of Petroleum Exporting Countries) which expressed its inability to calm…