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PaulS's picture

Oil - the next shock

Oil - the next shock waiting in the pipeline by Vince Cable:

Despite the global downturn, the cost of petrol has started to rise again with another 'oil shock' on the horizon
While Gordon Brown is playing musical chairs on the deck of the Titanic, normal people are worrying far more about paying their bills.

Motorists will have noticed that we are back up to £1-a-litre for unleaded petrol at many garages.

We may have not yet reached the heady heights of last summer, but the trend is unmistakable.

There is less demand for oil: fewer company cars travelling to work, fewer lorries on the road, fewer flights. The price should be falling, but it is doing the opposite - rising to $65 a barrel last week.
...
Long-term thinking is difficult in the current political crisis, when most politicians are obsessed by tomorrow's headlines, our Prime Minister is powerless and he clearly has no confidence in his Chancellor.

But our future as a country depends much more on our ability to plan ahead for the next oil shock and the post-oil world.
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Vince has got some of this right and even mentions a post-oil world, but still does not fully realise the significance of Peak Oil. He will learn.

The full story is here:
http://www.dailymail.co.uk/debate/article-1191266/VINCE-CABLE-Oil--shock...