A new McKinsey report is out arguing that an oil shock is inevitable, and it could come sooner than expected. When? As early as 2010, under the firm’s "moderate" economic downturn scenario, and as late as 2013 if the downturn is more harsh.
It’s not all unalloyed oil awfulness, however, with McKinsey pointing out that immediate attempts to redirect demand would pay dividends. To that way of thinking, policy should immediately begin pushing natural gas, as well as driver harder in efficiency programs.