Global governments must bring to a halt the games being played by so few that are affecting so many. Short of making commodity trading/speculating illegal, stringent rules must be brought into the "markets" re:oil hedging......a few hundred over-paid, morality-free fund and investment managers are speculating on oil going North whilst the rest of the developed world pay for it. This is shameless behaviour on the part of the speculators and the governments that ignore it.
Stop this now, there is ZERO need for economies to be struggling at all except for the nonsensical commodity and currency speculating that is partaken by so very few yet is paid for by so very many
Maybe we need Bono to turn his attention to this cause

Keith Doyle, Grand Cayman, Cayman Islands

Sorry Joe I don't your argument blaming it all on the speculators. The real reason is the rise of China and emerging Asia; the continued demand from the west; geopolitical tensions and the fact there has been massive underinvestment in oil exploration and refining since 1980. The world has run out of cheap oil. No gigantic discoveries have been made since Prudhoe Bay in 1969.

High oil prices will correct with a recession but do not look for $30 or $40 oil again for a long time. probably never once oil is priced in Euros and other currencies as it should, indeed must, sooner rather than later.

oldasiahand, Guildford, UK

An interesting fact....only 10% of Iran (the worlds 3rd largest oil producer) has been explored for oil and gas reserves. Analysts reckon that Iran, by using modern Western oil extraction and exploration techniques, could triple its crude oil output over a period of 5-10 years. Now, we may be able to understand why the country is on the verge of being 'wiped off the face of the map' by our 'noble' and 'compassionate' Western leaders. Bet BP is at the forefront of lobbying the UK govt for a regime change.

Samuel, Glasgow,

Whilst it is true the oil dependency of UK gdp has decreased this is only because we have become a FIRE economy. We still buy and use manufactured items, it's just that most are now imported. The oil burden of their manufacture still exists but now takes place in other countries. Add in transport and more oil is being used not less! The amazing thing is that there has been no significant decrease in oil consumption in the UK and US despite the huge structural shifts in the economy.

To say we are less dependent on oil is not only untrue but hints at dangerous complacency.

MC, Lothians

mc, Edinburgh, Lothian

Could be that the problem rests in refining capacity! The industry
has seen the problems of Nigeria,and USA refining, unable meet the growing demand.

keith taylor, BO)DMIN, U.K

When Browns tax take is falling in other areas, what incentive does he have to take action in reducing fuel costs and the tax bonus he receives, Sorry but it will take another public protest to make him buckle again (and he will)

Mike Rolph, Sevenoaks,

Whilst the price is high the longer-term losers will be the oil producers. Nuclear energy and hydrogen fuel cells are feasible replacements, nuclear fusion is a desirable - if yet unachievable - alternative, and we will no doubt add wave and wind power, plant oils and plenty else into the mix. All you need is a pricing mechanism to reallocate resources.
Imagine an oil-free future where the governments of the west have secure supply, Arab assets have been expropriated, militant Islam has lost its funding, and despots from Hugo Chavez to Ahmedinajad to Vladimir Putin have been kicked out when the oil price collapsed.
Keep the price high!

Dave, Slough,

While speculators undoubtedly are pushing up the oil price - and profiting very handsomely from doing so - the Elephant in the Living Room that mainstream politicians and many journalists still refuse to acknowledge is the unavoidable limit on the supply of crude. So many indicators and experts are now confirming that, globally, we are now at Peak Oil production, that it is becoming increasingly absurd to talk about anything involving oil - and indeed the future of the economy in general - without factoring in its inevitable impact.

Everything we 'know' about economics and growth is based on a world where overall energy supply increases constantly. But that world has gone; from now on the energy available is set to shrink constantly. Time to tear up the old textbooks, we've never been here before. In fact, perhaps we should burn them - the energy released will help keep industrial civilisation running for a little longer.

Nick Griffin, Y Trallwng, Wales

If it is indeed futures market manipulation that is causing high oil prices ratehr than actual physical demand then the governmen tcould kill this off pretty quickyly by heavy intervention in the futures markets and threatening to release strategic oil stocks to increase supplies still further.

Neil Murphy, cromer,

China has so far refused to pay the extra cost and has fixed the domestic price of petrol to around 35P per litre. It has caused some supply problems but the oil company's have come to the party, That is for one third of the worlds population the other one third cannot afford petrol which leaves one third causing this market manipulation as Joe points out. We have been shielded by the American $ fall which will cause American inflation to go though the roof the final payment for the interest cut which was made to save the market living on growing property and share speculation. World leaders in the west will oneday realize that we cannot survive on selling coffeees and the free Internet growth but minerals and manufacturing are the real economy drivers.

Jamie, Adelaide, Australia

The city traders are creating a false demand for oil with their commodities trading which has seen a false increase of 40%. This is the true reason why we pay more at the pumps and why the government allows this market manipulation is bizarre.

joe, Edinburgh, Scotland