Oil prices will just keep on increasing

Good bye cheap oil

Good bye cheap oilIt had been a long while I hadn’t blogged on oil prices. This came to me as last week I found two pieces of news showing how oil prices are just going up and up and how they will just keep on increasing in the next months and years.

First and foremost, according to PeakOil.com, US drivers are paying in 2013 higher gas prices than in 2012, which were higher than 2011, which themselves were also higher than in 2008, when oil prices reached their all time high of $147 a barrel.

Still to this website, the annual average for 2012 for Brent crude – one of the benchmarks for oil prices – was higher than in that fateful year of 2008.

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Oil prices reach $120

Only two months after reaching $100, oil prices reached $120. As the AFP notes: ” Oil prices surged to new heights Monday, with Brent crude topping $120 a barrel for the first time since August 22, 2008″ It took very little time back to 2008 for oil prices to reach $140 once they had reached … Read more

Oil prices back above $100

To the AFP news agency : ” Brent crude rose on Tuesday, holding above $101 on fears that worsening turmoil in Egypt could disrupt supply flows through the strategic Suez Canal, analysts said. “

It had been more than two years than oil didn’t reach such levels. This happens as I read yesterday an interesting post : The Peak Oil Catastrophe-in-Waiting on GreenTech Media.

The author urges the United States to decrease fast their huge oil consumption as peak oil is nearing or behind us (nearly a quarter of the global production is siphoned by the country).

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