Introduction

Another month, another record high for oil. The West Texas Intermediate (WTI) crude oil futures contract on the New York Mercantile Exchange broke above $140 a barrel on June 26. Ten months ago, on August 22, 2007, WTI crude oil was trading at $67.85.

Back then, there were plenty of grumbles and complaints about rising energy costs. Now, concerns have been cranked up several gears. Politicians on both left and right, in Europe and the US, have lifted oil prices to the top of the agenda. The quest