The International Energy Agency's chief economist said this morning that expensive oil is here to stay.
The IEA is an autonomous organization of 28 member countries, founded in response to the 1973/74 oil crisis. They’ve been around a while so you’d think they’d know something about oil. Apparently not.
We know that the course-of-least resistance for crude is higher over the intermediate term. But during that period, Obama’s backwards energy policy will be revised. Next, we will witness a gradual evolution to more consensual gov’t in the Middle East. Both events will birth conditions that foster lower, not higher energy costs in the longer term. The IEA’s chief economist could not be more mistaken.
Robert Craven
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