June 12, 2007
Sir, Mr Vito Stagliano argues that “Opec’s threats prove sense of promoting alternatives to oil” June 12. There might be a thousand reasons for developing alternatives to oil but the only thing that the Opec threats really prove, is the need to sit down with them and talk about the whole issue. For instance if in 1998, when the price of a barrel of oil was $11 and according to some pundits like the Economist heading for $5, someone would have offered to buy the barrel of oil in a long term take up contract centred around $30 with some flexibility on the up and downside, then perhaps we would not be going through the current circumstances. Someone must have a vested interest in the oil issues not being solved by talking.