Gordon’s grandstanding yesterday, derided
even by the usually pliant Lobby as such, was a waste of airline fuel. He told the representatives of the world’s leading oil exporting countries to act against their own interests and invest in competitors. Whereas Cameron flies to the arctic to be pointlessly pictured with a husky, Gordon flies to Arabia to be pointlessly pictured meeting oil sheiks, to be seen to be “doing something”
. The head of Opec, Chakib Khelil, dismissed as “irrational and illogical”
the call by Gordon for the cartel to pump more oil. They are already pumping at full pelt and the price is rising because of emerging demand from India and China as well as geo-political tensions.
Brown pre-released his speech on Friday, which gave the game away that the target of the speech was the weekend papers rather than the petroleum potentates. The Jonah effect was immediate, oil rose $4 on Friday and is up $1 a barrel this morning.
The only way prices for British consumers will come down is if Gordon stops pumping the car drivers for taxes – Britain’s motorists pay the highest petrol taxes in the G7 – three quarters of the final price is tax. If Gordon wants to “do something” he should stop raising taxes that pump up petrol prices…
UPDATE : Sam Coates is cheesed off at the waste of time and carbon. Even the announcement is a re-hash…