Saturday, May 24, 2008

Is The world About To Be Running On Empty?

23 May, 2008 - 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. More >>>

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