Don’t Trust the Market

With oil prices hovering close to all time records, politicians everywhere are growing scared. Something must be done.

Energy Commissioner Piebalgs is due to speak to the European Parliament in Strasbourg about the EU executive Commission's recommendations to tackle the long-term effects of increasing world demand for oil.

Planning, planning planning. Record prices mean they need to be seen to be doing something.

Piebalgs outlined plans to save energy, use more renewable energy, find a greater variety of suppliers and talk to oil producers

With high prices, consumers will change their behaviour, using less energy, buying alternatives where available. But you see when the market provides a solution, Mr Piebalgs needs to claim some of the credit. It would never do for the people to understand just how pointless these parasites are.