UK Govt ignores oil prices
Tuesday, May 20th, 2008
Crude oil today, in May 2008, is $128 a barrel. Market analysts at Goldman-Sachs predict that $220 a barrel may not be far off. This price is the result of market forces, supply and demand, the bedrock of our market economy. This means that national and local Government, and businesses, and all of us, need to rethink our notions about what is economically viable now and in the future. Yet the UK government is utterly refusing to see what is ahead. See this entry in Hansard giving the 12 May 2008 answer to a Parliamentary Question on Oil Prices. The Govt still maintains that in their ‘high price scenario’ the oil price in 2020 will be $80 a barrel.
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