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50 oil tankers anchored off British coast waiting for fuel prices to rise

50 oil tankers anchored off British coast waiting for fuel prices to rise

More than 50 oil tankers are anchored off Britain - pieces in a game in which the only winners are market speculators. The losers are the millions of British motorists paying over the odds for their petrol and diesel.

Some are carrying aircraft fuel or fuel for homes. Others are empty, waiting to be restocked before setting off around the globe. But according to industry experts, a significant number are 'oil sharks' - tankers that have been cynically told to wait for crude prices to be driven up before they unload their cargo.

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UK Energy Research Council warning over global oil 'decline'

UK Energy Research Council  warning over global oil 'decline'

There is a "significant risk" that global production of conventional oil could "peak" and decline by 2020, a report has warned.

The UK Energy Research Council study says there is a consensus that the era of cheap oil is at an end. But it warns that most governments, including the UK's, exhibit little concern about oil depletion. The report's authors also state that the 10 largest oil producing fields in the world are all in decline.

Last Updated ( Thursday, 08 October 2009 09:56 )

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