Oil at $112 a barrel
Thursday, April 10th, 2008
We are told repeatedly that the only problem with oil is a lack of investment in exploration, and that tar sands and arctic reserves will keep us going indefinitely. But the economic facts of the matter tell a different story. This current rise is called a ‘peak’, but with demand growing inexorably and the supply of cheap easy oil leveled off it seems likely that the price will go on rising. So the sooner we learn how to manage with less fossil fuels the better.
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