Pity poor OPEC

The price of unleaded has fallen below ₤1 a litre. According to a net comparison site, it's down to 97.9p a litre around Liskeard. We are told that this price level won’t last because OPEC are cutting production. The low prices will encourage people to fill up. Demand will increase and the economists (who’ve made a mess of everything already) will hike the prices again due to the knicker elasticity of demand.

But I remember how a few years ago OPEC were lowering prices because they were worried that consumers might find alternatives to oil.

I reckon they now know that people will be switching away from oil and suing hydrogen or bio-fuels. The writing is on the wall for the oil industry even for plastics. At The Stranglers gig at Exeter University drinks were served from wibbly-wobbly glasses made not of plastic but a clear material made from plant starch.

So spare a kind though for the men of OPEC. They've only got a few years left so squeeze as much money out of us as they can. And so far, the oil price is still falling even after production's been cut. Is oil already yesterday's fuel?