GREG'S LEGACY

Specialising in the human experience of Living with prostate cancer – warts and all

Petrol price rise expected before Christmas

with 6 comments


OPEC: Get set for oil shock and awe
Sat, 06 Dec 2008 18:58:57 GMT

OPEC says global markets should prepare for a “surprise” output cut.

OPEC president Chakib Khelil says oil markets should prepare for a “surprise” output cut after the organization’s Algeria meeting.

Surprised? – Of course not!

Just when the price of petrol was looking affordable, the Iranian Press reports that OPEC are going to cut production to create an artificial shortage before Christmas

A decision that startles markets would help bolster slumping oil prices, Khelil said. “The best way is to surprise them,” he said. “I hope it (the decision) will.”

OPEC members are expected to announce their decision during a summit in Oran, Algeria, on December 17.

The decision comes as crude prices slipped to $40.81 a barrel on Friday, the lowest level since May 2005. This is while only in July, prices peaked at record highs above $140 a barrel.

The Saudi Arabian king earlier said that $75 a barrel would be a fair price, an idea that has received the support of other members of the organization.

BASTARDS!

Maybe Kevin Rudd saw it coming giving us parents and pensioners the $1000 Christmas Bonus … to allow us to use our cars over the holiday period sending our petrodollars off to the middle east and help balance the books … in their favour

Advertisements

Written by Greg Naylor

9 December 2008 at 12:35 am

Posted in Uncategorized

6 Responses

Subscribe to comments with RSS.

  1. Bastards? It is their oil.

    Kieran

    9 December 2008 at 10:10 am

  2. Greg, your dire predictions of earlier this year didn’t come true. So are you now trying to justify your ‘doom & gloom’ forecast of petrol at $8 a litre, or whatever it was you said, mate? Anyway, Holden are going to build ethanol-using cars, so that should solve the oil problem (and create a food shortage, as all farmers convert to bio-fuel crops!)

    The only real solution remains in reducing consumption, by driving less and by buying smaller cars. Those idiots driving massive, road-hogging 4WDs deserve to go broke in my opinion.

    Ray Dixon (Bright)

    9 December 2008 at 12:09 pm

  3. The economic constraints that bind us and the commodities we use are called supply and demand. Oil is no different. Maybe someone can suggest a better system?

    jr

    9 December 2008 at 7:38 pm

  4. Kieran, whilst it is their oil, it is still extortion to create a false supply shortage and higher prices to rip off cultures that are dependent upon oil. Whilst developed countries may well absorb the artificial price hike, there are many others that will be more adversely affected than us.

    Ray, my dire predictions were based on the hope of an economic collapse that would bring about the end of the oil age. Whilst the economic collapse is approaching from a different direction, it is comforting to know that the invincible auto manufacturers are now ready to mend their ways and produce alternate fueled vehicles. Bring it on!

    Greg Naylor

    9 December 2008 at 9:27 pm

  5. OK, Greg, here’s my spin on the current petrol pricing.

    Seeing crude was $140/barrel and now hovers around/below $40/barrel, our current per litre price for petrol should be around 45 cents as we were coughing up around $1.60 at its peak.
    Big Oil probably has a far different spin/take on that scenario. Heaven forbid we suddenly receive a level field to play on, hmm? Also, how long would the government coffers hold out if retail pricing went through the floor?

    jr

    17 December 2008 at 7:47 am

  6. RIGHT ON CUE, OPEC CUTS PRODUCTION

    The OPEC oil cartel has agreed to a record output cut of two million barrels a day, the Saudi Arabian oil minister said, with non-member producers also ready to slash 600,000 barrels.

    Just when we were about to get some relief at $1.00 litre for petrol, greed and manipulation have their day once again

    Greg Naylor

    18 December 2008 at 1:38 am


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: