Is the world about to be running on empty?
TS Admin

In France, fishermen are blockading oil refineries. In Britain, lorry drivers are planning a day of action. In the US, the car maker Ford is to cut production of gas-guzzling sports utility vehicles and airlines are jacking up ticket prices. Global concerns about fuel prices are reaching fever pitch and the world’s leading energy monitor has issued a disturbing downward revision of the oil industry’s ability to keep pace with soaring demand. Yesterday’s warning from the International Energy Agency sent the price of a barrel of oil to a new record for the 13th day in a row. The latest high - $135 for a barrel of light sweet crude - was reached in New York barely five months after the price hit $100. Experts in London and on Wall Street predict that prices will rise to $200, regardless of the protests of consumers and the complaints of politicians. It is simple economics, they say: supply and demand. The former is short, the latter growing.

Consumers are feeling the pinch in almost every area of their daily lives. The pain is felt most obviously at the pumps. In Britain, the price of petrol has risen to an average of 114p for a litre of unleaded - £5.15 per gallon. In the US, where drivers pay much lower prices, gasoline is more than $4 (£2) a gallon. Beyond that, energy bills are rising for households across the globe, hitting the poorest the hardest. British Gas, the nation’s biggest gas and electricity supplier, is mulling further price rises, on top of the 15 per cent average increase it introduced in January.

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