Sky high oil prices may be just around the corner

The recession has curbed demand for oil, pushing prices down sharply from their peak last summer. But without aggressive steps to improve energy efficiency, the world is "risking a second spike in oil prices" in the near future, according to a new study by consulting firm McKinsey & Co.

Depending on just how badly the global economy falters, demand for energy could remain subdued for the next few years. But once growth resumes, an explosion in oil prices could come as soon as 2010.