Gordon Brown: Low Oil Prices Won't Last

Image Credit: The Telegraph
UK Prime Minister on Stabilizing Oil Prices
Jeff Siegel has already warned on these pages that low oil prices are at best only a brief respite, yet if I look around me it seems folks are returning to their gas guzzling ways, even in the midst of a recession. We would all do well to head oil banker Matt Simmons’ warning that the oil crisis will dwarf the financial crisis, or listen to the IEA Chief Economist who tells us that time is not on our side when it comes to peak oil. Now the BBC informs us that Britain’s Prime Minister Gordon Brown is joining the chorus of voices that argue that low oil prices may not be anything to celebrate.
The speech came as part of an energy summit in London looking at the recent price fluctuations, as well as ways to encourage clean technology. Sadly much of Brown’s focus seems to be simply on securing prices and reducing volatility, including calls for further drilling, and I see no mention of that elephant in the room – peak oil. But there was at least a nod towards green energy and a move away from carbon-intensive technologies. Even simply reminding folks that cheap oil won’t last is a good start in the quest to change our ways – he just might need to remember that drilling won’t save us. More from the BBC:

The prime minister urged the wealthy oil-producing Gulf nations to invest more in areas such as carbon capture and storage, as a way of diversifying beyond oil. He also announced £25m in funding for developing countries to invest in low-carbon initiatives, as well as measures to increase the transparency and regulation of international oil markets.

More on the Peak Oil Time Bomb
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Peak Oil Could Devastate UK Economy in 5 Years
Shell CEO Jeroen van der Veer Predicts Peak Oil in 7 Years
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And Some Other Ideas for Weaning Us Off Fossil Fuels
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Micro- , Macro- and Bloody-Massive-Scale Wind Turbines
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Tags: Alternative Energy | Economics | Energy Efficiency | London | Oil | Peak Oil | United Kingdom


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