Oil prices could double by 2022, warns IMFJune 2, 2012 by: Rituraj Mishra
Car makers must have had this idea about the fuel price hike in the near future, and maybe this is the reason they have been trying to make cars more and more efficient in terms of their fuel utilization. This was aimed to reduce costs on fuel and also to make the car an eco-friendly vehicle that would use fewer amounts of limited resources available to us.
Since there hasn’t been a great deal of progress in this regard, it should be expected that sooner than later fuel prices will go up again. According to IMF (International Monetary Fund) report that was recently published the prices are expected to double in the next decade. This is something nobody wants but the way things are it is inevitable.
The report is broadly divided by two opinions. According to one opinion the prices will keep on increasing until the fuel gets over while the other opinion says that due the increasing prices, better methods of extracting fuel will be developed and alternatives to this fuel will come into place.
Fuel Freedom Foundation (FFF) the US-based organization that is working towards stopping the “oil addiction”. It says this is the only way by US and the world will be better.
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