The scare over global warming, and our politicians' response to it, is becoming ever more bizarre. On the one hand we have the United Nation's Intergovernmental Panel on Climate Change coming up with yet another of its notoriously politicised reports, hyping up the scare by claiming that world surface temperatures have been higher in 11 of the past 12 years (1995-2006) than ever previously recorded.

This carefully ignores the latest US satellite figures showing temperatures having fallen since 1998, declining in 2007 to a 1983 level - not to mention the newly revised figures for US surface temperatures showing that the 1930s had four of the 10 warmest years of the past century, with the hottest year of all being not 1998, as was previously claimed, but 1934.

Yes. Global surface temperatures have increased about 0.6°C (plus or minus 0.2°C) since the late-19th century, and about 0.4°F (0.2 to 0.3°C) over the past 25 years (the period with the most credible data). The warming has not been globally uniform. Some areas (including parts of the southeastern U.S.) have, in fact, cooled over the last century. The recent warmth has been greatest over North America and Eurasia between 40 and 70°N. Warming, assisted by the record El Niño of 1997-1998, has continued right up to the present, with 2001 being the second warmest year on record after 1998.

In July 2006, the world's oil rigs pumped out crude at a rate of nearly 85.5 million bbl. a day. They haven't come close since, even as prices have risen from $75 to $98 per bbl. Which raises a question of potentially epochal significance: Is it all downhill from here?