The era of low energy prices is over

Ambassador Richard H. Jones, Deputy Executive Director of the Organisation for Economic Co-operation and Development (OECD) sub-group the international Energy Agency, said the recent economic crisis could lead to a premature supply crunch in energy.

Speaking at an OECD discussion on "Energy Projections to 2030", Jones said that this, among other findings, signals that the era of low energy prices is over.

Jones said that there is still a chance for energy and climate concerns to be addressed, citing the COP-15 United Nations Climate Change Conference set to be held in Copenhagen from November 30th to December 11th, 2009.

According to Jones, if a solution is not found it "wont be for a lack of resources or technology, but a lack of leadership."