“I think what the oil consuming nations really need to understand is that this is not a temporary blip in the oil market. What we’re seeing is a fundamental and permanent change in the global energy economy. We will be dealing with the fallout of this for many, many years to come as prices continue to escalate. Whole industries are going to have to restructure and downsize as a result of this. We’re going to have to rebuild our transport infrastructure in much of the industrialised world, because we built it on the basis of cheap oil, and cheap oil is going to be a thing of the past.”
Hope you’re paying attention to this, Mr Rudd, Mr Brumby.