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Tony Blair yesterday warned world leaders they had less than seven years to save the climate, but then ruled out a special tax on the most polluting travel of all - flying.

"It is unrealistic to think that you will get some restriction on air travel at an international level", said Blair. So we can all carry on flying and leave climate change to governments to sort out... Sounds like a great plan, Mr. Blair

Yesterday saw BP join Shell and Exxon in reporting record profits of $19.3bn (£11bn).

What the three company results highlight is the fundamental flaw of how they are valued by city investors. As both Shell and BP posted record profits their share price actually went down as the profits were not as large as some had expected.

But the real reason that city investors were disappointed is that they felt that both BP and Shell had underperformed in key areas. Shell had not replaced as much reserves as the city analysts had hoped. BP also disappointed mainly through its refining operations. To

A sustainable society must depend upon renewable resources,
which oil cannot be. It must recycle nonrenewable resources,
and burned oil cannot be recycled. It needs to restore the base
of renewable resources — our forests, soils, cities and human
minds.

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