Oil-price ostriches

1 min read

So we are told that oil prices are expected to rise far above what is already almost a record level — with all the problems that will bring for our economy and that of other 'developed' nations.

What I find most amazing is the head-in-the-sand attitude of people who think that if we just hang on for a little while then the price will fall back and we will all be able to return to business as usual.

In my view, the cost of oil is now high forever and I cannot understand why people think it is going to come tumbling down at some point in the future.

Everyone around the world involved in oil exploration and production is now fully aware that they are sitting on reserves of the fuel for the old economies of the west and the growing economies of the east and that both will pay handsomely for what they need.

The development of alternative energy sources to power transport and power has now moved beyond being a matter of environmental concern for the future of the planet.

It is now a case of economic survival for Europe and the US and the key to a successful future for India and China.

Once this reality becomes accepted by politicians we can expect to see a flood of public money made available for the development of alternative energy technology.

Matthew Young

Winchester, Hants