Ireland — along with much of the western world — relies on the International Energy Agency‘s oil production forecasts. But are they reliable, asks Lenny Antonelli?
In terms of 1972 money, oil prices averaged about six dollars a barrel between 1987 and 2000. Last October they reached $40. They are now around $50 a barrel which means that they are beginning to climb back into the territory which caused the global economy to crash in 1979/80.