To the AFP news agency : ” Brent crude rose on Tuesday, holding above $101 on fears that worsening turmoil in Egypt could disrupt supply flows through the strategic Suez Canal, analysts said. “
It had been more than two years than oil didn’t reach such levels. This happens as I read yesterday an interesting post : The Peak Oil Catastrophe-in-Waiting on GreenTech Media.
The author urges the United States to decrease fast their huge oil consumption as peak oil is nearing or behind us (nearly a quarter of the global production is siphoned by the country).
Here is a short extract of the article, which was written on January 28th :
We saw prices as high as $147 a barrel in mid-2008 (the dominant factor for gasoline prices well over $4 a gallon), which played a strong role, perhaps the dominant role, in the global Great Recession — as high oil prices have in most recessions over the last fifty years.
Once the recession hit, oil demand dropped and prices plummeted as low as $33 a barrel.
Prices steadily recovered since their low in early 2009 and are back to dangerous levels in early 2011 (about $90 a barrel). We can expect far higher prices as the global recovery continues.
An increasing number of analysts are projecting prices as high or higher than the 2008 peak in the next couple of years.
It is high time we all – not only the USA – work on energy efficiency and alternatives…