
The end of oil?
Date: Sunday, April 17, 2005 @ 18:38:50 UTC Topic: General
"...THE INTERNATIONAL Energy Agency recently announced that the demand for energy is growing at the fastest rate in 24 years...
WHEN OIL prices topped a record-breaking $58 a barrel recently, it unleashed a flurry of debate about the future direction of energy prices.
The investment firm Goldman Sachs released a report speculating that the oil market may be at the beginning of a “super spike”--which could push prices as high as $105 a barrel. Gasoline prices have already topped $2.25 a gallon in many parts of the country and may climb above $3 a gallon this summer.
There are a number of short-term reasons for the current increase in prices--including questions about U.S. refinery capacity, low stocks and fears about instability in the Middle East. But underlying the recent surge is a more serious long-term issue: rising demand for oil internationally, as production reaches its peak. GEOFF BAILEY examines the politics of oil today..."
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Read the whole article here: http://www.socialistworker.org/
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