Kind of true... Moreover, the rapid rise of the crude by the OPAC cartel is responsible for some of this owes. four years back the Crude price was USD38/barrel. 5 years back it was USD22/barrel. Today it is hovering around USD110/barrel. Sure economies have tried to rationalise their fossilfuel consumptions.Hence, we did not greatly feel the effect of the price increase. But there is a limit to be more efficient. I think the limit has been reached, hereafter, the higher crude will effect economies world-over. And unfortunately, the Billions from the crude trade is enriching only a few who are flaunting new cars and mansions, leaving most of middle east poor and venurable to religious extremism... This OPAC cartel needs to be broken as till they exist, all non oil producing countries be in their mercy...
