Substituting petrol

The Iraq conflict has led to a steady rise in crude prices and the prospect of conflict with Iran has triggered a big spike. Crude prices have jumped 25 per cent in the last two months.

Even if Iran-Iraq cools off, it’s difficult to envisage long-term scenarios where prices reduce dramatically. Demand from growth economies like India and China is up. “Peak Oil” theorists are projecting near-future scenarios where global oil supply peaks and demand continues to grow.

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