Oil the wheels

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Why should low oil prices only be going through a “temporary period” as John Slee suggests (Letters, 30 October)?

According to different expert sources, including The Scotsman’s Peter Jones, the world is “awash with oil”.

Noticeably, Opec, the cartel of oil-producing countries, meets in November seemingly to “set output policy”.

An oil price around $100 a barrel is the “political price” Opec wants, usually by cutting supply. Unfortunately, this also is of benefit to North Sea oil and gas production with its high oil costs.

However, ought consumers face fuel price increases in a world said to be awash with oil?

Clearly this is not a problem of market economics but an ethical issue of political economy.

Shouldn’t politicians make every endeavour to ensure in global oil and gas markets “the consumer is sovereign”?

Arguably from what Dr Slee says, he would be happy to see oil and gas prices rising.

Ellis Thorpe

Old Chapel Walk

Inverurie