Ministers must act NOW to stop panic buying and looming fuel shortages as the Iran conflict risks slashing oil supplies by a fifth, warns former BP chief Nick Butler.
Serious Shortage Could Hit If Hormuz Strait Closes
Nick Butler, ex-head of strategy at BP and adviser to Gordon Brown, sounded the alarm on the Government’s failure to prepare for a “really serious potential shortage” if the Strait of Hormuz stays shut due to escalating tensions.
“If supplies are cut by 20 per cent, then someone has to use 20 per cent less,” Butler told BBC Radio 4’s Today programme. He stressed the Government must protect critical services like food supply, the NHS, and schools – then work out how to ration fuel for everyone else.
Bold Measures Needed to Tackle Fuel Crisis
- Licence plate-based driving restrictions (alternating days)
- Four-day working weeks to cut commuter traffic
- Consumer protection with forensic audits to stop fuel price gouging
“The Government has a responsibility to calm the market, not let panic cause chaos,” said Butler. He dismissed traditional rationing coupons, pointing to other countries’ gentle consumption cuts, including adding extra holidays in Far East nations, as a creative fix.
Damage to Facilities Means Crisis Could Drag On
Don’t expect diplomatic talks to solve this overnight. Butler revealed military strikes have wrecked refineries and knocked out Qatar’s crucial gas terminal, demanding long repair times.
Boosting North Sea oil output won’t fix shortages immediately either. “The Government must outline a plan NOW to handle shortages if Hormuz stays closed,” he warned. “Panic buying would be a disaster.”
