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WTI reaches new peak

The link is to a US story linking the futures prices of WTI (West Texas Intermediate) to Peak Oil.

The nature of the oil market is complex with there being different types of oil and a form of interlink between oil prices and the prices of other energy sources. There is also an interlink between food prices and energy prices. This occurs for two reasons. Firstly, the price of fertiliser (mainly produced from fossil fuels) affects the price of food - as well as other farming energy costs. A second link through biofuels also has an effect.

The effect of price increases is a reduction in demand although the price elasticity is not that great. Note the problems now for airlines a number of which are in serious financial problems.

Oasis Hong Kong Airlines stops flying amid increasing fuel costs
The 17-month-old budget airline carrier has become at least the fourth airline globally to cease operations in under 2 weeks amid increasing fuel costs. The announcement left hundreds of passengers stranded including children returning after the Easter school holidays, according to a spokesperson for Cathay Pacific.

Where are the peak oil deniers now?

The sad thing is that this really does require the UK government to follow the lead in Germany in respect of the feed-in tariff .... but it won't.

All Party Parliamentary Group on Peak Oil

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