A Perfect (Fire) Storm For Thames Coromandel - A combination of historical events and climate change are producing an environment for a perfect (fire) storm in the hills above Thames, and elsewhere on t...
Friday, February 25, 2011
Suddenly the world's media is awash with concern that the recent rise in oil prices will stall economic growth worldwide and cause another global recession. Guardian and here BBC Wall Street Journal
Finally, even in New Zealand, Brian Fallow economic commentator for the New Zealand Herald expresses concern about the implications for the New Zealand economy from rapidly rising oil prices.
As I pointed out a few days ago, none of this is news to people like Jeff Rubin and other more astute energy savvy economists who have been warning for over two years that once the global economy improves, increased demand will force up prices into triple digit territory.
Despite warnings from a New Zealand Parliamentary report, Lloyd's Of London, the International Energy Agency, the US military and a host of other credible groups, our mainstream media has failed to report this looming crisis.
Likewise our politicians avoid this issue like the plague, and no risk management planning has been done. We are no better prepared than we were in 2008 when prices last spiked. They need to be held to account. In an election year hard questions need to be asked as to why these clear and urgent warnings have been ignored and not shared with the public, and what policies the main parties have to urgently lower our oil dependency, and to plan for an imminent oil-induced recession.