WSJ:Italy Clini: Iran Crisis Would Lead to High Oil Prices
ROME (Dow Jones)--A crisis between Iran and the international community would lead oil prices to reach the high levels witnessed a few years ago, Italian Environment Minister Corrado Clini said Thursday.
"I don't know how the situation will develop, but a crisis with Iran will bring back those high oil prices of recent years ago," Clini said at a press conference with reporters in Rome.
Crude oil prices topped $148 a barrel a few years ago on concern supply was insufficient to meet demand.
But an Iranian crisis would have a silver lining as it would represent an "opportunity" for the further development of renewable energy as high oil prices make green energy sources much more competitive, Clini said.
