As the world braces for a new oil shock, many people are worried about the prospect of oil prices plummeting further, and the need to drill more, says Laura Jones, a senior lecturer in economics at Cardiff University.
She says the world is on the verge of a bubble, and she thinks the oil price is about to burst.
“If prices start to fall, you could see a huge spike in demand for petrol,” she says.
“You could also see a spike in food prices because people would be eating more and eating less.”
I think the longer this goes on, the more people will be struggling to get on.
“I think there is no alternative but to start drilling.”
The rise in oil prices is a natural phenomenon, it’s been going on for a long time, it is not new.
“The UK economy is already in recession, with unemployment at 11 per cent, and Jones says it could be worse.
But while oil is not the main driver of the economy, it does have a huge effect on the rest of the world.
It’s a big reason why people have been buying cars and buying houses, she says, and it also explains why many people who are looking for jobs are spending less money on their cars.
There is also a huge amount of money being spent on new houses, and this is partly because people are buying them at a time when they are trying to save up for the big mortgage repayments.
And while the global financial crisis has been widely blamed for the collapse of the housing market, Jones says this may have been an accident waiting to happen.
Many people are also trying to get their kids to university.
In the UK, for example, there are currently just over 4,000 places for first years, and more than one in three first years have a loan or some other type of debt.”
That’s because there’s been a huge surge in interest rates, which have been quite high,” she explains.
This means that some people are having to take out mortgages to fund their education, which means it will be difficult for some people to get a job when they do get a degree.
People are also being pushed into low-paid jobs, including the unskilled and casual part-time workers, and many of them have little or no savings.”
There is a big disconnect between the growth in the number of people living in poverty, and how much of that growth has been in the UK and how well the country has been doing,” Jones says.”
And that disconnect has been growing.
“The new world of oil is a far cry from the 1970s, when Britain was struggling with its first oil boom.
During the 1970-75 boom, there were about 6,000 jobs in the oil and gas industry, and thousands of people worked in it.
Today, there is just over 5,000 full-time jobs, and only around 300 part-timers.
But while the UK has now seen its first period of recession since the 1970’s, it has been relatively resilient.
Jones says the new oil boom will be bad news for Britain, as the recession will hit many industries harder than it has in the past.
The UK’s new boom in oil and the new jobs it will create will also be bad for the economy because it will cause prices to fall.
However, it may also bring some benefits.
Because the oil boom has been so rapid, it will help to drive down the cost of living, which is particularly important in a country like the UK that is still recovering from the financial crisis.”
Read more about the oil shock and gas boom:”
That has brought a lot of things into the economy and the government has said it is going to keep it going.”
Read more about the oil shock and gas boom: