The Good News About Costly Oil

Oil prices are surging again, leading to fears that the age of cheap energy is coming to an end. In the mid-1970s and again in the early 1980s, oil prices surged only to drop back. This time, we at Standard & Poor’s expect oil prices to slide gradually to the $30 range over the next two years. We do recognize, however, that many things could cause them to remain high or even rise further.