by Richard Douthwaite. The price of Brent oil reached $122 per barrel last week (April 6th) and JP Morgan have forecast that it will hit €130 in the next few months. Energy prices at these levels mean that Ireland can say goodbye to any hope that it can grow its way out of its debt crisis. Because government spending cuts mean that domestic demand is almost certain to fall the country's only hope of increasing its national income is to earn more from overseas. That wiil be hard if the global economy is depressed but if the global economy grows, the world...