Oil price volatility undermines economic growth, says Sir David King

Jan 27, 2014 | The Guardian
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Governments need to deter oil speculators, set aside reserves of crude oil and take steps urgently to reduce their dependence on fossil fuels in order to escape price volatility that undermines stable economic growth, according to a report co-authored by one of Britain's top scientists.

The exploitation of shale oil and gas may mitigate damaging price fluctuations in future but it will be terrible news for the environment and is not a longer term solution to the world's energy needs, said the report co-written by Sir David King, published on Tuesday.