The case for cheaper oil (TT Dec05 p10-11)

The Treasurer December 2005

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Oil prices have peaked and will gradually slip back from $ 60 a barrel to $40-$45. Oil production costs are falling, not rising; technological advances are overcoming reserve depletion; and energy producers are cranking up supply. A retreating oil price should bring down general inflation and help push UK GDP growth back towards its trend rate of 2.5%.

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