Last weekend, UK prime minister Gordon Brown visited Jiddah to plead with oil producers to increase supplies. This would seem to be a very strange thing for a politician with the declared intention of leading a worldwide crusade against climate change to do.
For years now we have been told that our addiction to fossil fuels is causing global warming, and that the only way to avert catastrophe is to reduce fossil fuel consumption to below 1990 levels. What better incentive to do this than a steep rise in oil prices? Surely the prime minister should be celebrating not whingeing.
Governments all over the world have at least paid lip service to the Kyoto Protocol. They have stated and re-stated their intention to reduce demand for oil, by whatever ruthless means may be necessary. So how is it that we now have a shortfall in production that has caused oil prices to double in just six months? Falling demand should be driving prices down by now, or at least keeping them stable. Continue reading »

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