Higher Oil Prices

While the discussion is still limited to gasoline, heating oil and kerosene, we must not forget petrochemicals. From car tyres to medicine, from cell phone covers to plastic sheeting, oil engulfs the better part of our comfortable modern day life. No other commodity has such a versatility of uses. Expectations of oil prices above $100 a barrel put all this in danger. The world could be double-trapped. If we reduce our oil consumption, economic growth will most certainly slow. If we don’t reduce it, inflation will show its claws and teeth and this will lead to a slowdown as well. That is because higher oil prices will affect the price of nearly everything else. But this pessimism that dominates the current discussion is not justified. Mankind has shown it can adapt to even the worst scenarios. Sure, a setback in oil supply will be painful in the short term. But in the long term, it can save the planet. High oil prices will offer a higher incentive to develop more sustainable and environmentally friendly forms of energy.

For Complete IIPM - Article, Click on IIPM-Editorial Link

Source:- IIPM-Business and Economy, Editor:- Prof. Arindam Chaudhuri - 2006

Rashmi Bansal Publisher Of JAMMAG Magazine Caught Red-Handed, for details click on the following links:-

• Hindustan Times Article - Publisher goes underground
• Rashmi Bansal (Editor of JAMMAG)
• Rashmi Bansal (Publisher of JAMMAG)