Wednesday, June 11, 2008

An ominous warning..,

In today's UK Independent, from the CEO of Gazprom that the rapid rise in oil prices has only just begun. As a side note, I've been listening to NPR's coverage of the fuel-price strikes taking place now in Europe - what is striking to me is that the EU nations effected by rising prices have achieved levels of energy efficiency that the U.S. can only aspire to. What this portends for our leaky bucket is truly draconian;
While Europeans are used to paying a lot for unleaded gasoline, the sudden rise in the more popular and usually cheaper diesel fuel has come as a shock. In Spain this week, truckers blocked roads and stopped making deliveries to protest the soaring fuel costs. Spanish fishermen are also striking, and the French Navy has canceled three summer missions.
The chief executive of the world's largest energy company has issued the most dire warning yet about the soaring the price of oil, predicting that it will hit $250 per barrel "in the foreseeable future".

The forecast from Alexey Miller, the head of the Kremlin-owned gas giant Gazprom, would herald the arrival of £2-per-litre petrol and send shockwaves through the economy. His comments were the most stark to be expressed by an industry executive and come just days after the oil price registered its largest-ever single-day spike, hitting $139.12 per barrel last week amid fears that the world's faltering supply will be unable to keep up with demand.