GENERAL

UK Minister Warns against Overreaction 

The UK Minister of State for Energy, Mr. Alics Buchanan-Smith, has warned that if oil companies overreact to the collapse of oil prices by cutting back too heavily on exploration expenditures the industrialized consumers could again become dependent on imported oil. Speaking in Houston on 5 May, Mr. Buchanan-Smith said: "It is deceptively easy to destroy industrial capability, but no easy matter to recreate it when circumstances...