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Record price for crude oil

The editorialist Pierre Veya considers that this is not a question of a "classic petrol shock, but it could become one if it were to last several months and exceed 110 or 120 dollars a barrel. This may seem like very little on the surface, but it is the little grain of sand that could trigger an inflationist spiral and stymie global growth. ... A highly inflammable cocktail is being concocted by the feeble dollar, a risk of an American recession and political crises in the heart of and on the borders of petrol-producing countries. ... The skyrocketing prices of raw energy should therefore not be interpreted as the benign symptom of a critical global situation, but rather as an alarm bell. The world of raw energy is versatile, opaque, dangerous even, and should incite us to swiftly rid ourselves of too great a dependence on the strongest raw energy of all, i.e. petrol."

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