In his State of the Union address in January 2006, President George W Bush warned of the dangers of being “addicted to oil, which is often imported from unstable parts of the world”. Ten years on, the world is showing how hard it is to break that habit.
The head of the International Energy Agency, Fatih Birol, pointed out last week that the share of the world’s oil supplies coming from the Middle East had risen to its highest since the 1970s, and was likely to continue to grow.
His comments were a salutary reminder of a weakness that is too easily forgotten at a time when crude is cheap: the world is still vulnerable to an oil supply shock.
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