Peak Oil News Feb 10, 2011
ENERGY AGENCY WARNS OF DANGER FROM HIGH OIL PRICES
by Richard Lein
PARIS (AFP) – The global recovery will drive oil prices dangerously higher this year, possibly to the level where they could push the economy into a marked slowdown, the IEA warned Thursday.
The prospect of rising inflation, driven by oil and other higher commodity prices, coupled with political instability in the Middle East is an added concern, it said.
The IEA, the energy policy and monitoring arm of the Organisation for Economic Cooperation and Development, said the global oil bill was likely equal to 4.1 percent of total output in 2010 and would rise to 4.7 percent this year.