Australia: Expert says $40 per barrel for oil by mid year

greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Petrol prices could soar amid oil shortage

It is claimed an oil shortage will cause oil prices to soar to $40 a barrel by mid year, forcing Australians to pay up to $1 per litre for petrol.

The forecast has been made by Professor Michael Economides, the director of US-based OTEK Australia, who accurately predicted last May that the price of oil would rise to about $30 by the end of 1999.

He says oil stocks are down to their lowest levels in a decade and the shortage is likely to push up the price of oil for all countries, including Australia.

"I believe it's going to get significantly higher than $30. It could get to $40. It could get even higher, depending on how fast the stocks are depleted.

"Australia's going to have to import oil and there's an international price," he said.

Link

http://www.abc.net.au/news/newslink/nat/newsnat-16feb2000-67.htm

-- Carl Jenkins (Somewherepress@aol.com), February 16, 2000

Answers

Response to ustralia: Expert says $40 per barrel for oil by mid year

G'Day Carl,

The current affairs TV program, the Seven Thirty Report, finished a feature on this just a few minutes ago. It also enlarged on the professor's statements by introducing the inflation factor. This is a roller-coaster ride and rural Australia already pays over a $Aus1 per litre in many regions, with the Reserve Bank making a strange statement about being sure to expect more pressure from wage and salary claims and interest rate hikes. Our politicians lead by example by awarding themselves 10% recently. Stay tuned for rough-n-tumble stuff Down Under.....

Regards from OZ

-- Pieter (zaadz@icisp.net.au), February 16, 2000.


Isn't it amazing that not even one year ago, the world was experiencing a *glut* of oil supplies, suppressing the world pricing...now we have a *shortage*, in fact it is so big of a shortage, that we can foresee increased pricing well into the future, as if pumping more oil out of the ground won't balance out the *increased demand* or *shortage*.... I smell something foul.

Anyone else feel like we're about to get conned and fleeced?

-- OR (orwelliator@biosys.net), February 16, 2000.


Seems to me we are 'in process' now of being conned and fleeced, but now we are getting 'greased'.....military term BOHICA sound familiar?

-- consumer (shh@aol.com), February 16, 2000.

Moderation questions? read the FAQ