era-of-cheap-oil-is-over

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 aberration û driven by speculators or another artefact of the credit bubble. But some industry analysts say that today's prices are the real aberration and, in fact, oil production is dangerously close to going into...
¬ Haymarket Media Limited. All rights reserved.

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