If we’re playing the oil blame game, let’s find the right culprit

By all means blame high fuel prices on Opec, geo-political uncertainty, gouging oil companies, speculators, the Government or anyone else if it makes you feel better. But don’t overlook supply and demand.

Three years ago, when oil was US$56 a barrel, I pointed out that over 50 countries were producing less oil than they had the previous year, and that oil-producing nations had started to reach natural limits on the amount of oil they could extract out of the ground to meet rising demand from China and other emerging nations.

New Zealand Herald