Crude oil prices could cause serious economic damage

24th February 2012

Only last Thursday I discussed the rise in the oil price that has taken place so far in 2012. At that time the price of a barrel of Brent crude oil had touched US $120 and since then we have seen a further increase to US $124. This provokes further thoughts along the line of the twitter #carboncopy2012. Having reminded myself of the numbers it is clear that we are in fact safe from an exact copy as the Brent benchmark was in the mid 90s at the beginning of 2011 rather than the  mid-100s of this year. But should we mimic the increase then last years peak of US $126.91 (Financial Times figures) would be replaced by one of more like US $136/7.

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