Will we ever learn? The economic meltdown of last year was largely caused by the rise in commodity prices, especially oil.
At a time of white-hot growth and over-leveraged banks, oil reached $140 a barrel before dropping back to $40.
Now, inevitably,the price is creeping up again – into the high $60s last week. Motorists will have noticed that gas prices are also on the rise even though the economy has not recovered. Stagflation is back.
With rising demand in developing economies, rising production costs and restrictions on supply, prices will 
continue heading up for the forseeable future.
Plan ahead for the next oil shock and the post-oil world. Mind you, if we know its coming, then its hardly a “shock. Opec members aere aiming to stablise the price at around $70 but The Economist does not expect oil to top $65 until late next year. It says the lack of discipline within OPEC will lead to greater production as other revenues drop.
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One Response
On the nail, Nick. The banks are the obvious target for public complaint, but their deliberately criminal activities were only a trigger in the much wider scenario of oil depletion and consequent price-rises. David Strahan outlined the ecomic downfall so perceptively in 2006 before publishing The Last Oil Shock. Anyone interested – do re-read it, it stands several reads, I promise you! He predicted the stagflation we are now entering, and we are on a dangerous and inevitably downhill path. At least members of this forum are all a little ahead because of our awareness and the steps we’ve already taken and are planning, but times ahead are threatening for us all.