The mother of all recessions

Oil prices may soar to $200 a barrel if the world doesn’t move more rapidly to a clean-energy economy, It’s certainly conceivable unless we can start to conserve energy quickly and come up with alternative fuels,WorldWatch predicts an “unbelievably painful” economic slump if governments don’t do more to encourage renewable energy as an alternative to fossil fuels such
as oil. In the U.S., where efforts to cap carbon-dioxide emissions failed in the Senate earlier this year, unemployment could reach record highs, as is the case with Portugal were fuel prices for the motorist increase on a weekly basis making it one of the most expensive in the world.
This week alone prices increased by as much as cents per litre!!!

Galp regular 95 Octane is now a staggering 1,479 euros per litre.
Cepsa regular 95 Octane is now a staggering 1,479 euros per litre.
BP regular 95 Octane is now a staggering 1,479 euros per litre.
Repsol regular 95 Octane is now a staggering 1,489 euros per litre.

We are going to have the mother of all recessions if we don’t sort out our energy policy fast, we think we’ve got it bad today. In five years time unemployment could go to 15 percent without any difficulty at all in the US.
Meanwhile, negotiators from about 190 countries are grappling with how to proceed in United Nations-led treaty talks to cut greenhouse-gas emissions. Industrialized and developing nations are divided over the 1997 Kyoto Protocol.

Japan, Russia and Canada have refused to sign up for a second round of emissions reductions once the current ones written into Kyoto expire in 2012.