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IMF warns that oil prices could double in ten years

Posted By admin On May 14, 2012 @ 8:12 am In Money Watch | Comments Disabled

Terry Macalister,
London Guardian [1]
May 14, 2012

The International Monetary Fund (IMF) has been warned by its internal research team that there could be a permanent doubling of oil prices in the coming decade with profound implications for global trade.

“This is uncharted territory for the world economy, which has never experienced such prices for more than a few months,” the report warns.

The new IMF “working paper” come as the value of crude on world markets remains at the historically high level of $113 a barrel and just after the International Energy Agency reported that consumption would accelerate for the rest of this year in line with a wider economic recovery.

Undertaken amid mounting concerns about “peak oil”, the IMF study does not presume that there is a constraint on how much oil can be taken out of the ground. It prefers to believe that extraction rates will depend on the price that will be able to be charged for the final product.

Full article here [1]


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URLs in this post:

[1] London Guardian: http://www.rawstory.com/rs/2012/05/13/imp-warns-that-oil-prices-could-double-in-ten-years/

[2] Food prices to double by 2030, Oxfam warns: http://www.prisonplanet.com/food-prices-to-double-by-2030-oxfam-warns.html

[3] Gold prices ‘could double’ over the next few years: http://www.prisonplanet.com/gold-prices-could-double-over-the-next-few-years.html

[4] World entering era of permanent food crisis, with prices to double over next 20 years: http://www.prisonplanet.com/world-entering-era-of-permanent-food-crisis-with-prices-to-double-over-next-20-years.html

[5] Gasoline Prices More than Double Under Obama: $1.84 to $3.85: http://www.prisonplanet.com/gasoline-prices-more-than-double-under-obama-1-84-to-3-85.html

[6] Food Prices Surge Most In 26 Years: http://www.prisonplanet.com/food-prices-surge-most-in-26-years.html

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