I've just watched our Prime Minister Gordon Brown deliver a very important speech to the major oil producing nations of the world in Jeddah. This was Gordon Brown at his best, very clear, concise, offering a way forward for all nations, whether reliant on consuming or producing oil.
A offer of future wealth was made today to all oil producing nations by our Prime Minister, a chance for them to invest in our energy needs in return for greater exploration tomorrow and increased production today. For the oil will run out and with that the wealth of the sellers, so it makes perfect sense to offer them the chance to invest in the technologies that will deliver a cleaner brighter future for us all.
Who would have thought a taxi-cab driver, the Prime Minister and the King of Saudi Arabia would have something in common, we all need oil and without it we lose wealth, tax revenues and more importantly my cab doesn't move very far. In fact the Prime Minister isn't searching for the quick fix because it doesn't really exist, yes he should cut fuel duty but without stability in the energy markets these cuts would disappear quickly, but he is doing the right thing by the country by seeking a more stable future which will settle energy markets and lead to reductions in the price of oil in the near future.
For those oil producing nations who chuckle at the thought of western economies struggling to re-adjust with much higher prices should take note, a prolonged slow down will effect us all and a recession will only speed up the West's disconnect from the use of oil. This won't happen overnight but here in the UK we will be building Nuclear power stations, we will be harnessing wind, wave and solar power, all of this means less of a reliance of energy supplies from abroad.
The world this morning felt like it was stuck at sea in the middle of a hefty storm, but this afternoon the good ship Britannia spotted land surrounded by calmer waters and we intend to lead the way. The Prime Minister Gordon Brown did the right thing today and set a course for future prosperity, not just for the UK but our partners in this ever shrinking world. Maybe it's time to roll out the barrel, roll out a barrel of oil for now anyway?
