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MIDDAY UPDATE: Oil prices, energy efficient light bulbs

Katharine Crnko Jan 5, 2011

Increasing oil prices could end the global economic recovery, according to Fatin Birol, chief economist at the International Energy Agency. Birol says if producing countries do not respond to rising demand by increasing their production, consumers could face even higher prices, “which is, in turn, bad news for all of us.”

Oil and gas lobbyists are asking GOP members to act in favor of off-shore drilling. The American Petroleum Institute is relying on the new Republican majority in the House to target the Obama Administration’s regulations of off-shore drilling.

Superstore Ikea has taken a major step in offering energy efficient options: dropping incandescent light bulbs for “greener” lighting solutions. Eve Troeh examines what this means for other big-box stores, and your desk lamp.

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