Era of cheap oil is over

Forget about cheap gasoline, today's low oil price masks a looming energy crisis that could dwarf the current economic problems.

If you thought things couldn't get any worse than a collapse of the global financial markets, think again. The economic meltdown is a good reason to be gloomy, for sure, but an under-reported study by the world's leading energy agency recently raised the spectre of a collapse in the global energy market too.

The steep fall in oil prices during the last few months of 2008 prompted many people to think that the run-up to $147 a barrel was an...

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