Oil prices could reach $220 this year

If you think gasoline is too expensive, you haven’t seen anything yet… To the Wall Street Journal : ” Nomura Securities says that if Algeria joins Libya in the land of chaos, oil prices could shoot to $220 a barrel. That’s in a worst-case scenario.”

“To back up that headline grabber, Nomura compares the current situation to the 1990-91 Gulf War. During that time, oil prices rose 130% in two months, according to our friends at Dow Jones. Oil is already above $110 in London

This whole situation shouldn’t make us forget about peak oil, quite the opposite I would say. Luckily, many alternatives exist to end our oil addiction. We just need politicians willing to apply them, and quickly…

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