IMF Report Warns of Doubling Oil Prices in the Next Decade
The shift towards cleaner means of propulsion isn’t happening quickly enough, however, as according to the IMF (International Monetary Fund), which published a report recently, in which it is stated that oil prices may permanently double within the next decade - an extremely scary scenario.
The IMF paper (which doesn't represent current IMF policy) presents two different views to how the situation will play out eventually, as on one hand there are those who claim that the ever-increasing scarcity of oil will (naturally) raise its price constantly, until it is depleted. The other opinion is that higher prices will bring along new and more efficient ways of extracting the oil, as well as oil-based products substitution with more sustainable alternatives.
According to the Fuel Freedom Foundation (FFF), a US-based organization which aims to stop the US’ “oil addiction”, a move which will only have beneficial results for the country and the world.