There is one big difference between the fuel protests of seven years ago and those causing the present disruption, including the convoy of lorries that clogged up the M8 between North Lanarkshire and Edinburgh for a time yesterday. In 2000, road hauliers took to the roads in protest at a series of steep rises in fuel duty in the previous decade. Hauliers are hurting today and, as in 2000, they want the Treasury to drop plans to increase duty on diesel and petrol in October. Motorists agree because they, too, are suffering from spiralling prices on the forecourt.

That was not the case seven years ago. High fuel costs are not just a British problem, as is evidenced by the blockade of ports by French fishermen and the appeal by French President Nicolas Sarkozy to the European Union to suspend taxes on fuel. In the United States, sales of gas-guzzling sport utility vehicles have plummeted as Americans, hit in the pocket by rising fuel prices, turn to cars cheaper to run. This is an international problem caused by record world oil prices which yesterday approached last week's high of more than $139 a barrel for sweet crude.

The consequences are bitter, for consumers and, potentially, economies. The average real oil price in sterling has nearly doubled in little more than a year, triggering fears of a recession. Postponing October's duty rises would lighten the load in Britain but, with no sign of crude oil prices falling, the impact would be marginal. Gordon Brown wants the North Sea majors to increase production and is lobbying Opec to do its bit to ease pressure on supplies. Only Saudi Arabia shows any sign of responding, but that is no guarantee of taps being turned more freely.

Much has been made of speculators buying up crude to drive prices up for future profit but there is little sign of hoarding in today's febrile markets. The oil giants are benefiting from soaring prices and, while there might be a temptation to stockpile supplies further to boost profits, this would mean no immediate return on billions of pounds of investment. That said, are they doing enough with their bounty to find and develop new fields? That must be the priority in a period when supply has difficulty keeping up with demand. Finding and developing oil fields is expensive and time-consuming. Paradoxically, exploration and related costs are rising because the expertise required is also in high demand.

The demand for oil from China and other emerging powerhouses is not going to abate. The situation has been exacerbated by sluggish output. The Prime Minister should examine the case for further incentives to encourage development in hostile areas such as the west-of-Shetland waters and should accelerate the drive for secure and sustainable alternative energy sources; not just for environmental reasons.