Financial Times FT.com

Over a barrel

By Ed Crooks

Published: December 22 2008 02:00 | Last updated: December 22 2008 02:00

The plunging oil price is like a dangerously addictive painkiller: short-term relief is being provided at a cost of serious long-term harm.

It took more than four years for oil to go from $35 per barrel in 2004 to over $147 in July 2008, and less than six months to fall all the way back again.

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