Oil hit $140 a barrel for the first time today, with warnings it could reach $170 later this year...golly!

Interesting to contrast that to the post on today's Peak Oil Debunked (don't be put off by the title, it is a dig at Doomers, whom the blog critiques) which presents a series of graphs showing a decline in oil consumption in countries such as Japan, German, Italy and Sweden.

So what is going on here? If consumption falls then surely prices should follow? At least that's what I learnt in my economics classes at university (when I wasn't snoozing that is).

Strange times indeed.

I was thinking about the London Olympic games today and started laughing, such a stupid waste of resources, such a stupid waste of time, old Nero has nothing on Gordon and the Mayor.