Rising crude oil prices a signal that it's time to shift to other fuels

Prices have already risen to a level that has contributed to a slowdown in economic growth and oil consumption in the past

Crude oil prices continue to climb despite attempts by oil producers to reassure the market about availability and the existence of enough spare capacity to offset oil lost as a result of US sanctions on Iran.

Recent price moves bear a strong resemblance to previous price spikes in 2007-2008 and 2010-2012, especially if prices are expressed in euros or yen to eliminate the impact of a stronger dollar this time around.

Brent crude has risen to almost 75 euros per barrel, the same level it reached in May 2008, on its way to a peak of 93 euros in July 2008.

Front-month futures