Signs that oil supply may increase

I take back what I said,perhaps Gordon Brown has an influnence on the oil producers.

Sky news reports that

The world's leading oil producers have said it is too expensive - and they plan to increase supplies to help ease the global fuel crisis.A source at Opec said its 13 members were uncomfortable with the current price of crude, which last week hit a record $135 a barrel.
Based on present supply and demand, he said it should be fetching $60-$70 a barrel

and Timesonline reports

Plans for increased North Sea oil production were outlined by the Government today as ministers gave the green light for two new field development.
Business Secretary John Hutton also announced changes to the system for licensing oil fields in the North Sea and said there had been a record amount of interest in the latest licensing rounds.

More warnings for Labour

Two interesting articles in the papers this morning.

It's Friday and therefore Polly Toynbee issues another warning to the Labour party

As times get tougher people will get angrier, and the "whose side are you on?" questions will matter more. If, by the time you read this, Labour has lost Crewe, it will signify a great switch of white working-class voters - and it is that flight, not the rich, that Labour should really have been fearing all these last years.

In the Independent,Dominic Lawson warns the government that it mustn't start blaming the problems on the price of oil,something re iterated by Harriet Harman this morning.

Instead he reminds the government of its tax policies

The level of fuel duty and VAT is clearly stated on every gas station forecourt in the land – and we all know who is responsible for that.

and reminding us that back in 2005, Sheikh Ahmad Fahd al-Sabah,OPEC's then president

pointed out that the British Exchequer was taxing fuel at a rate of 75 per cent

This morning's Express stages day 2 of the great fuel swindle reporting that

FUEL duty could be slashed by 12p a litre in the wake of the Government’s tax windfall from soaring oil prices, experts said last night.
A cut would bring much-needed relief to motorists suffering record prices at the pumps.
Petrol and diesel prices are set to go even higher after crude oil yesterday hit 135 dollars a barrel on the wholesale market.