Skip to content

Oil prices are rising fast and it’s come at the worst possible time for the West

Independent, 28 February 2011

In 2008, oil prices approached $150 per barrel. Shortly afterwards, the global economy collapsed. There were, of course, other problems at the time – an imploding US housing market, the beginnings of a securitisation crisis, the collapse of Lehman Brothers – but events three years ago nevertheless offer plenty of evidence that substantial changes in oil prices are big news for the global economy. Indeed, for those who believe the global