Don't blame OPEC for oil scarcity

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I'll say it again. Whatever your climate change questions- is it happening? is it that bad? when will it happen? There are a whole set of other answers about sustainability are coming in. But they are about resource scarcity instead, particularly oil.

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In today's FT, Economics columnist, Martin Wolf produces a handy guide to peaking or struggling  oil production for free marketeers.

The market is setting high oil prices for a reason, he says. The reason is that it is running out, we need to be taxing it and its emissions and that there's no point in blaming futures or OPEC. If OPEC is, indeed, holding back oil and keeping prices higher, it's not by much, he says, and they are doing a valuable service by witholding some of this precious, no-renewable reource,

The last thing you need to do, he says, is to blame the developing world. That said, we'd need a 'new Saudi every seven years' to keep up with demand.