First published in the Evening Standard, 9 November 2007
With the markets hypnotized by the approach of $100 oil, analysts are pointing the finger at all the usual suspects: speculators, the OPEC bogeyman, the weak dollar, soaring consumption in China and India, and geopolitical tensions. All play a part but the real cause is altogether less palatable. The world is running short of oil, and this time it is likely to be permanent.
Read the rest of this entry »