In a speech to the European Business Congress in Deauville, France, Mr Miller offered little prospect of relief. He warned that the world was experiencing a fundamental shift in energy prices that will end at a "radically new level. We expect that the oil price will approach $250 per barrel in the foreseeable future".

Welcome to the new world. It is time to fundamentally change what we're doing and how we do it.

An ominous warning that the rapid rise in oil prices has only just begun - Home News, UK - The Independent