During the financial crisis in late 2008, oil prices went down from $147 to $33 in just a few months. However, oil prices soon went up as they increased by 78 percent last year. This is the largest yearly increase in a decade.
There are more and more concerns that either peak oil already occurred or that it will happen in this decade. Meanwhile, oil prices are due to reach soon $100 with the increasing energy demand as the economy recovers.
It is high time to invest massively in energy efficiency and conservation as well as in low carbon alternatives (both renewable energy and nuclear).
2 thoughts on “Oil prices went up by 78 percent in 2009”
Well, despite what I and others thought in the past, there seems to be a limit on how high oil prices can go. That’s simply because when oil becomes too expensive, all the economic activity that depends on oil stutters and stumbles, we get a recession, and demand drops… so the oil price drops again.
Lurching from resource crisis to economic crisis is a really silly way to live. Time to burn less stuff, and eventually burn nothing.
I once again couldn’t agree more on both your analysis and recommendation.
On the burn less the VW Up! Light featured in my other post of the day seems to be a good solution.
On the burn nothing, well bikes, buses and electric trains (like the TGV in France) seem to be good solutions as well.
We seem to have reached a plateau with a production of 85 million barrels per day. The latest IEA WEO clearly shows we can’t go much above…
The folks saying there is no climate change should at least understand peak oil either occurred or will occur within the decade and thus that action is needed now !
(oh, and by the way : happy new year ! )