Petrol

Apparently there has been a run on "petrol" in Britan. The pumps should already be dry.

Dozens of filling stations ran dry yesterday after bogus reports of weekend panic proved self-fulfilling when motorists rushed to join queues at the pumps. Hundreds more forecourts are expected to run out of fuel by lunchtime today despite concerted efforts by oil companies to calm the situation by denying that there was a problem.

Gordon Brown has a five point plan to deal with the rising prices:

The proposal involves: Opec raising supply to meet increased demand and opening its books to show where the world’s reserves are; the profits of oil-producing countries being ploughed back into investment; the World Bank setting up a fund to help developing countries to invest in alternative energy; and the IMF creating a new fund for poor countries hit by oil price shocks

This should be interesting. Wouldn't it be nice if we could actually get a true accounting of just how much oil Opec has in reserves.

We'll keep you posted.