Extreme Energy
The panic that ensued when tanker drivers threatened to strike recently brought home the absolute centrality of oil to our modern economy.
Oil has been in the news recently, not least because the first few months of 2012 saw some of the highest ever prices for crude. The threat of war on Iran, instability in oil-rich Nigeria and the ongoing economic crisis combined to push prices above $125 a barrel. This is below the record of $147 set in July 2008, but the weakness of the pound and euro means that, in reality, the price is much worse for European consumers.