Gordon Brown: Oil Crisis Now Worse than in the 1970s

MICHAEL SETTLE
The Herald
June 23, 2008

Gordon Brown held out the prospect of a fall in oil prices after a trip to Saudi Arabia where he called for a “new deal” to promote clean energy and end the conflict of interest between oil producers and oil consumers.

The Prime Minister said last night the current crisis was worse than the one in the 1970s and called for a “more balanced energy market”.

He urged oil-rich states to use some of the $3 trillion of extra income from the current hike in prices to invest in Britain’s £100bn “green programme” – the building of more wind farms and nuclear power stations to help the UK meet its share of an EU target to generate 20% of energy from renewables by 2020.

However, as Mr Brown was addressing ministers from the 35 major oil-producing and consuming economies, his political opponents were rubbishing any idea his mission would lead to a quick fall in petrol prices at the pump.

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