Oil prices : from a recession to another

To the prestigious International Energy Agency :” If oil averages USD 120 per barrel in 2012, the global oil import burden  is set to reach a record high of over USD 2 trillion, or USD 5.5 billion per day “

Their press release goes on : ” The current price levels are on average higher than the awful year of 2008, and as such have the capacity to tip the global economy back into recession

The solution is simple : we have to ween ourselves from oil as soon as possible. It’s not as if already knew it and not as if we lacked alternatives.

Indeed, between better public transportation, electric vehicles, efficiency, hybrids, algal fuels and other sustainable biofuels there are plenty of ways to cut our oil consumption. What we lack is the political push to do so…

Oil prices are as I write at $120 (Brent crude). They averaged $111 in 2011. With the threat of a war with Iran, they could go through the roof. This led me to wonder if they could increase exponentionally. What do you think ?

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