Alarm bells ring loudly - It’s time we considered all options

THE psychologically significant barrier of $100 a barrel for oil has been breached but, in reality, this is no more than a milestone along the unending road towards ever-more expensive and, probably, ever-more scarce oil and energy.

A host of commodities have reached record levels, including gold, which earlier closed at a record $861 and ounce.

According to US government figures worldenergy consumption will rise by 57% between 2004 and 2030. Total energy demand in the non-OECD countries will increase by 95% compared with an increase of 24% in the OECD countries.