Just in case you thought the recent fall in the oil price was a new trend....
Only a collapse in the global demand for oil can save economies from a supply crisis and crude prices reaching more than $200 a barrel, according to a report out today.
Energy expert Paul Stevens says that governments and companies are investing too little to meet future needs and a "supply crunch" will hit within "five to 10 years."
His report, for the Chatham House think tank, dispels hopes that the recent 20pc fall in the oil price from its $147.27 peak might herald a return to more manageable levels. "A spike of over $200 is possible," Mr Stevens concludes.
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