It was another day on the financial markets that the price of oil rose yet again to another record high. At time of writing it’s standing at around $135 a barrel, up from around $65 a barrel a year ago. This will certainly lead to even higher prices for filling up our cars at the petrol pumps in the UK.
The current average price of unleaded is around 114 pence per litre, while for diesel it’s around 126 pence per litre. This has also contributed to the rise in the use of gas and electricity, making it more expensive to make goods and transport them from one place to another. Then there the rises on basic foods like rice. Of course there are the usual threats of fuel protests and the demand from business to ask the government to reduce their tax take, but what use will that be in the long term?
Higher energy prices are happening simply because demand for fossil fuels are greater than the actual supply, and no amount of prodding from the US or EU is going to force OPEC (mainly, Middle East)-producing countries to increase that supply any time soon.
This situation could have been avoided if world governments had put forward and implemented long-term plans to reduce their reliance on oil, but the typical short-termist policies of our politicians have created a crisis, if left unchecked, will alter the negative impact of climate change on the planet forever. Don’t say we haven’t been warned.