The possibility of a military confrontation in our Gulf neighbourhood should bring the government’s focus back on oil, as it embarks on a second mandate. Having served in Iran during the 1990-91 Gulf crisis, the visit of Iran’s foreign minister a few weeks ago, brought back to me past memories of that tense period, when the spike in oil prices nearly drove us into national default. The crisis atmosphere then was aggravated by a panic over oil supplies, as we had only a few days’ consumption requirements in stock in the country. If hostilities break out, there can be no
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