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Report: Oil Prices to Rebound With Economy

If you had to characterize the economic conditions of 2008 with a single word, it would have to be "instability". A steady stock market slide, then sudden free-fall in October. Banks long thought to be immovable pillars of the national economy collapsing left and right. Plummeting housing values. Bailouts. At least, after the sky-high prices of earlier this year, we can count on cheap gas, right?

Not so, says the International Energy Agency. Saying the current dip in oil costs is a mere indicator of rough financial times, the report cites a steady 9% decline in production across the world's oil fields, with an ever-growing amount of demand. According to the report, we should expect triple-digit per barrel prices again as soon as the financial system recovers, definite shortages by 2015, and $200+ a barrel by 2030.

Honestly, that's fine with me. Anything that increases the penalty for fuel consumption is a good thing in my book. High energy prices correspond to greater use of mass transit, more cyclists, larger investments in clean energy, and overall less wear-and-tear on the planet by human beings. $200 a barrel? I say bring it on.

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