BBC News reports on soaring fuel prices

As if to emphasize my point about fuel prices, the lead story on last night's BBC Look East (Wed, 21st May 2008) was that the price of diesel had "jumped by more than 6% in [just the last] one month - its biggest rise this century..."
"... Over the past month the price of diesel in the east is up by 6.4% - from 117.8p to 124.2 pence per litre. Petrol is up by 4.1% - from 108.5p to 112.6p/litre (source: AA Fuel Price Report)."
"Fuel prices are tipped to reach £1.50 per litre this summer."

see; http://news.bbc.co.uk/1/hi/england/7413774.stm

And then on tonight's national BBC News the lead story was that the price of a barrel or oil on the world markets has hit a new all-time record high of $135 - that's double what it was a year ago. But I suspect that in another year even $135 will look incredibly cheap! The BBC News suggested that the price could hit $200 by the end of 2008. But they also suggested that it might fall back the other way in coming months (I think that is rather unlikely!).
"Western" governments appear to be blaming OPEC for not increasing their oil production as the cause of higher prices, while OPEC appears to be blaiming market speculators for the price hikes! But the media continues to pay less than adequate attention to the fact that global demand for oil is now outstripping available supply with an ever widening gap.