Thursday, July 20, 2006

Peak Oil

It's time I bleated on about this again.

In case you hadn't noticed, it is happening. Gradually but gradually people are waking up to the fact. The oil price is now hovering at just under 80 dollars a barrel. There is absolutely no prospect of it reducing significantly. Only a few months ago, 50 dollars was considered a critical maximum.

The political establishment still seems to be in denial.

Gordon Brown has just taken the misguided step of freezing the duty on petrol (it was due to go up in September) because "oil prices are so volatile".

For "volatile" read "high". Things aren't going to change. The sooner the oil price goes up, the better we will be able to cope.

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