[biofuelwatch] Oil prices could double by 2022, IMF warned

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Oil prices could double by 2022, IMF warned

Global trade would be profoundly affected if crude prices permanently doubled from current historic high of $113 a barrel

• Terry Macalister and Lionel Badal
• guardian.co.uk, Sunday 13 May 2012 19.37 BST

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.


Read more: http://www.guardian.co.uk/business/2012/may/13/oil-price-doubling-decade-imf

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