Brown: New oil shock underway

Wednesday, 28, May 2008 12:00

Gordon Brown suggested it may be necessary to expand Britain's nuclear capabilities beyond existing plans.

The prime minister's comments came after he wrote in the Guradian newspaper that "the global economy is currently facing the third great oil shock of recent decades".

"The oil price, just $10 a barrel a decade ago, has reached $135 in recent days, pushing up the price of petrol and domestic heating as well as contributing to higher food prices.

"...every country must find ways of being more efficient and diversifying supply. And as continuing high oil prices present us all with an immense challenge, the way we confront these issues will define our era."