In the Lords (from 2.30pm) questions from peers range across the record-low sea ice extent in the Arctic Ocean during the past year and the likely future of oil prices , before peers continue the marathon committee stage consideration of the Growth and Infrastructure Bill.
What I feel is most important, especially in trying to get a handle on future crude oil prices, is the general ability of the oil producers (including the US) to satisfy consumer demand, across all product types.
The fact is, this President is focused on a long-term solution so that Americans in the future, and his successors have a policy in place that means that we will not suffer from the kind of swings from the policy -- sorry -- suffer the impacts of serious spikes in oil prices in the future.
The most likely cause of a future increase in world oil prices, and thus diesel fuel prices, is stronger growth of the global economy.
Apparently out of a belief that oil prices will collapse in the near future, making the current gusher of oil industry profits a very short-lived phenomenon.
Right now in the all-important oil world of the Middle East and North Africa, short-term supply, future prices, ownership and preferred trading partners are all up in the air.
You can even put a value on that option, using estimates of future volatility in real oil prices and the same formula used to evaluate stock options.
Crude-oil-future prices rose about 1% on the news of Greenspan's remarks.
Alhajji sees a number of vicious cycles that will support continued strength in oil prices for the foreseeable future.
FORBES: Could We See A Summer Oil Shortage? This Economist Says Yes.
Yet demand for air travel, and energy generally, is rising quickly in China and other developing countries - something likely to push up prices for the rest of us in future, as the world's oil resources deplete.
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