Friday, June 06, 2008

Diamonds are forever...

...other carbon-based mining resources may not last quite so long.

Do any of these headlines sound familiar?

• Oil at all-time high
• Consumers demand relief from rising petrol prices
• Oil closes at another record
They were front page news back on 28th September 2004 when the price of a barrel of West Texas crude (the standard used to talk about 'the price of oil') briefly passed US$50. In 2000, during his first presidential campaign, Bush criticised the Clinton administration for shamefully "allowing" the price to skyrocket to $28 a barrel. This morning, I woke to hear it is now at US$138.54.

When will we wake up and smell the coffee?