"Some analysts have estimated that the breaking point for oil is much higher than today’s prices, however, Nobuo Tanaka, executive director of the International Energy Agency says current prices are much closer to causing serious economic decline than most assume. In an interview with CNBC this morning Tanaka says supplies are plentiful, however, Libya will cause disruptions in the near-term. Tanaka says $100 oil is not sustainable and will contribute negatively to the economy and could actually cause a repeat of 2008:.."
at http://pragcap.com/iea-100-is-very-bad-for-global-economy-risks-2008-repeat
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