When intervening in a conflict, stick to UN script

The international military intervention in Libya is not about bombing for democracy or Muammar Gaddafi‚„s head ‚€œ let alone keeping oil prices down or profits up. Legally, morally, politically and militarily it has only one justification: protecting to the extent possible the country‚„s people from the kind of murderous harm that Gaddafi inflicted on unarmed protesters four weeks ago, has continued to apply to those who oppose him in the areas he controls, and has promised to inflict on anyone against him should his forces recapture Benghazi and other rebel-held ground. And when that job is done, the military‚„s job will be done. Any regime change is for the Libyan people themselves to achieve.

Brace for tough budget

Treasurer warns that Japan, floods and oil will bring fiscal caution, writes Clancy Yeates.

Oil amidst turmoil

THE recent jolt to Japan's economy, by lowering energy demand, has at least temporarily offset the Libyan uprising's impact on oil prices. But experts say there are limits to how long that buffering effect might last.

Oil shock could turn UK green

BRITAIN is facing a 1970s-style "oil price shock" that could wipe 45 billion ($A72 billion) from its economy, Climate and Energy Minister Chris Huhne warned in his first intervention on the issue since the start of the Middle East political crisis.

Mid-East unrest raises fears of second recession

FEARS of a double-dip recession in Europe and a shattering of global recovery loomed as oil prices climbed closer to levels not seen since the financial crisis.