IRVINE, Calif., May 24, 2012 (BUSINESS WIRE) — The Fuel Freedom Foundation says that a new warning from the International Monetary Fund underscores the urgency of opening markets to competition from alternative fuels such as natural gas, ethanol, methanol and electricity. The IMF Working Paper, entitled “The Future of Oil: Geology versus Technology,” predicts that oil prices could permanently double in the next decade.
“The IMF report warns that a doubling in oil prices will send the global economy into ‘uncharted territory,’ which would spell disaster,” said Joseph A. Cannon, President of the Fuel Freedom Foundation. “Fortunately, disaster can be averted if we open our markets to competition from cheaper, cleaner, American-made alternative fuels to gasoline. This is the only way to bring down oil prices significantly and structurally, and ensure future economic growth.”