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The Irish Times - Ireland | Wednesday, January 20, 2016

Consumers shouldn't rejoice at low oil prices

The surplus of oil on global markets could last at least until the middle of 2016, the International Energy Agency announced on Tuesday. The resulting drop in oil prices puts climate targets at risk, the centre-left daily The Irish Times warns: "The current glut in oil supply, although welcome to consumers, is not unqualified good news. Low oil prices have made it harder to reduce carbon emissions at the time when global leaders have committed themselves to that goal. Energy conservation measures and the development of cleaner alternatives to fossil fuels have become less financially compelling options. Nevertheless, the financial benefits of cheaper oil should be seen by consumers as a temporary windfall gain rather than a permanent change."

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