Over a barrel
Page 4
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Economists tell us that the OPEC cartel will increase crude oil prices by 15 per cent before the end of this year. Already we know that the OPEC countries are producing less crude oil than the consumer world demands.
Solutions have been offered internationally, not the least important being that the USA should help develop the Canadian resources, kiss and make up with Mexico and get on with producing from their own vast shale oil resources.
Here at home we look across the Atlantic and blame the Americans for the world shortage. We look across the North Sea with confidence — almost smugly — to 1981 and self-sufficiency.
We must do more. Of course the Americans must carry a burden of responsibility for extravagant use of oil, but the rest of us are but marginally less responsible.
There should be little difficulty in overcoming the shortage and avoiding a world recession. We only require to cut consumption by 6 per cent and if the "extravagant" allegations are justified, then such a cut is easy.
Certainly in transport terms it is an achievable target. We have shown how on our speed tests, others have amply demonstrated • savings by innovation. It means improving efficiency by six per cent and the operator or industrialist who does not have that little room for improvement is not yet in business.