The Next Oil Price Spike

Ryan Avent frets:

...a new McKinsey study warns of the inevitability of another oil shock. The fundamentals remain in place, they note, and the stronger the recovery from the current recession, the sooner the potential spike may take place (see charts here). Under the best growth scenario, a steady rise in prices could give way to a spike as early as next year, and even a deeper recession than is currently forecast would merely delay a spike until 2012 or 2013.