Oil prices went up by 78 percent in 2009
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).