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Don’t blame Opec

As well as urging Opec to open up international access to its reserves, politicians in large oil-consuming nations should be encouraging investment in new refinery capacity, writes David Hufton

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

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