Don’t blame Opec

oil

Hurricane Katrina has not brought the best out of our politicians. The post-Katrina period has demonstrated their lack of understanding of the oil industry and its price drivers.

The price spike produced by the storm should be a wake-up call on the vulnerability of the industry to natural events – of which we are warned to expect more – and the consequences of spiralling demand. It has provided the opportunity to refocus on global warming issues and bring in measures to curb demand.

Disappoi