CERA: ‘Recession shock’ shakes world oil market

01/05/2009
By NINA RACH
The world oil market is being shaken by “a recession shock” that affects all conventional, alternative, and renewable energy,” said the chairman of Cambridge Energy Research Associates (CERA).In a report released at the London Energy Meeting in the UK, Daniel Yergin, also executive vice-president of the IHS information solutions group, said, “The oil price today is the barometer measuring a progressively weaker global economy.”Oil prices have been volatile “on an unprecedented scale” in 2008. “The oil price was driven to its oxygen-short heights last summer by the ‘demand shock’ that came from 5 years of strong economic growth an...

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