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It is hard to overstate the extent to which our daily lives are subsidised by cheap, plentiful oil, writes JOHN GIBBONS

HERE’S A conundrum: restarting global economic growth will, by definition, push up energy costs. Rising energy costs will in turn choke off that economic recovery, leading to a fall in energy prices. Try to restart growth again, and the brick wall of energy costs magically reappears. Repeat ad infinitum.