High oil prices are based on fundamentals not speculative bubbles

This weekend, UK motorists are queuing at petrol pumps as Shell tanker drivers take strike action. Violence has flared up on the Continent – with hauliers and fishermen railing against the fuel costs they say are crippling their trade.

Across the world, in fact, high oil prices are now sparking protest – with demonstrations as far afield as Poland, Thailand and South Korea.

And now, the mighty Saudi Arabia has reacted. With a quarter of all known reserves, the desert kingdom remains the world’s biggest crude producer and global oil linchpin.

Telegraph