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THE RUNAWAY OIL TRAIN

The old world grew fat on cheap oil but the IMF wants to stop the new world doing the same. The old world economies are growing increasingly fearful that the new world will run away with what remains of global easy oil supplies and trigger an energy crisis and probably another financial crisis too. It is now becoming clear that attempts to use climate change policies as a lever to force down fossil fuel consumption will not work. Much higher oil prices have not slowed consumption in the new high growth economies because they often use subsidies to cushion the consumer from the impact of $100 oil.

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