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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Why drilling for oil in the Arctic is downright crazy

As China and Iceland signed last week a treaty on arctic oil and as a small spill declared in Russia, I thought it was appropriate to write about a previous article from Climate Progress on the risks of such practices.

As Kiley Kroh noted there: ” Analysts at one of the world’s largest insurance markets are warning that offshore drilling in the Arctic would “constitute a unique and hard-to-manage risk ”

“Lloyd’s of London, a large UK-based insurance pool, issued a report today outlining the severe environmental and economic risk of oil and gas drilling in Arctic waters.”

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Higher gas prices and lower income tax

dollarsBy browsing through the RSS feed of the Oil Drum I came across an interesting article on how increasing gas prices and lowering income tax in the meantime could bring huge benefits.

This is not new to me as I have already discussed this very topic in my review of Le Plein s’il vous plaît [Fr], a brilliant book written in 2006 by Jean-Marc Jancovici, which shares the same views.

Nonetheless, such an idea would be perfect to enable our civilizations to become less dependent on the polluting energy sources that are fossil fuels.

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