Patient readers (Sid and Doris Bankers) may recall a prediction that oil would end 2011 in 3 figures and stay there forever - barring GlobalRecession2. Well, it's clinging on to the big round 100 mark by its fingernails, but with GR2 a racing certainty all C@W oil bets are formally off.
Where does this leave my hope that high energy prices would precipitate an early end to Crapper Huhne's mad & expensive energy policy ? Actually, GR2 will probably do for it just as well: CO2 emissions will fall with industrial output and reduced household budgets, and sooner or later Osborne will simply cancel inflationary green impositions (though not the green taxes, he needs the revenue). There will be no finance available for big new capital plant (despite Charles Hendry's pathetic bluster), and a make-do-and-mend strategy will be cobbled together to stop the lights from going out.
Image by Angela Anderson-Cobb