Monday, 9 June 2008

’We Need to Give Up the Oil and Gas Drug’

Photo courtesy of SpiegelOnline International

SPIEGELONLINE INTERNATIONAL: As oil prices hit one record high after another, and OPEC warns of $150 a barrel by the end of summer, economists are warning of global recession and inflation. But German commentators point out that high oil prices also have an upside.

Rising oil prices have been a matter of concern for months. There was much angst at the beginning of the year when oil hit the psychologically important price of $100 (€63) a barrel. But many analysts at the time warned that $100 was just the beginning -- and subsequent events have proved them right.

The price of oil broke yet another record on Friday, when the price jumped $11 -- the largest-ever increase in one day -- to over $139. Prices had eased slightly by Monday, but concerns remain. Many observers are making comparisons to the 1970s oil shock (more...), warning that current high prices could again lead to a long period of recession and high inflation. 'We Need to Give up the Oil and Gas Drug' >>> | June 9, 2008

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