Oil

For the life of me I don't get this headline:
Energy experts puzzled over oil prices

What's there to be puzzled about? Less = More

As crude soared to a new record, the head of the International Energy Agency declared that the world was in the grip of an "oil shock," and the president of OPEC acknowledged he could not say whether prices would flatten out or continue to soar.

An IEA report released at the conference confirmed what most consumers fear: that supplies of oil will remain tight, whether for cooking fires in the poorest countries or powering cars and cooling or heating homes in the richest. And that's despite record prices and reduced demand as costly crude dampens the world's oil hunger.

"We are clearly in the third oil price shock," declared Tanaka, comparing the effects to periods of soaring prices in the 1970s and 1980s.

But he suggested there is less of a likelihood of a quick fix this time.

"Those price peaks forced consumers into saving oil" and oil companies to look for new wells, said Tanaka, but now "the biggest energy savings have been made (and) ... the easy oil outside (of) a few countries has been found."

Read the whole article here.
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