Opec still has us over a barrel

…Is Opec, dominated by the Arab oil states, being greedy? Yes. I wish I could say they would suffer for it. But as long as the world economy is strong, evidence of

I would still argue, based on the history, that this is too high and that at some stage, as has always happened in the past, prices will drop significantly again. But some oil price spikes are short, no more than a year or two. Some last longer. You could argue that we were in a continuous spike from 1973 to 1985. This one is getting longer by the day. Until demand weakens, it will continue.

Sunday Times