The transition from a world of expanding oil to one
of shrinking oil will be a shift of seismic proportions. Oil prices may climb
higher than any we can readily imagine,

The fossil-fuel based, auto-centered economy of the United States threatens not only the world energy supply, but also the climate,

The fossil-fuel based, auto-centered economy of the United States threatens not only the world energy supply, but also the climate,

The world will have to get used to a barrel of oil priced above 50 dollars, ... It will be difficult to increase production.

Economic confidence is weak because of high oil prices, but all that will change once oil is back down to $20 a barrel. But the economy is strong: we expect growth of about 3 percent this year and at least 3.5 percent next year.

If this year's average oil price hits $50, then this will slash 0.8 percent of the world economic growth.