Fwd: [Peakoil] from today's Age

[Keith Thomas]

Australian oil and petrol prices can be tracked here - in Australian 
dollars:

http://www.aip.com.au/pricing/market.htm
--------------------------------------------
Keith Thomas
www.evfit.com
--------------------------------------------

Begin forwarded message:

> From: "Jenny Goldie" <jgoldie at snowy.net.au>
> Date: 16 July 2006 1:47:12 PM GMT+10:00
> To: "ACT Peak Oil discussion Oil discussion" <peakoil at act-peakoil.org>
> Subject: [Peakoil] from today's Age
>
>  
> The surging price of crude oil is expected to drive petrol to $1.50 a 
> litre in Melbourne and up to $1.60 in regional areas.
>
> Crude oil closed at $US77.03 a barrel in New York yesterday after 
> hitting a record $US77.75 during the session.
>
> Market watchers said oil was heading to $US80 a barrel, and possibly 
> as high as $US100, if the fighting continued.
>
> RACV government and corporate relations manager David Cumming said he 
> did not expect petrol to hit $1.50 this week, but it could by the end 
> of the month or next month.
>
> AMP Capital Investors chief economist Shane Oliver said the fighting 
> near the source of much of the world's crude oil could not have come 
> at a worse time. "We are coming into the strongest time of year for 
> global oil consumption, with the northern hemisphere summer driving 
> season," he said.
>
> "And it's also when we get hurricanes through the Gulf of Mexico, 
> where most of the US oil facilities are located.
>
> "While there are no real issues about oil supply as yet — there's not 
> much oil in Lebanon — the fear is that this latest outbreak could 
> escalate into an Arab-Israeli conflict like that which caused the oil 
> crisis in the early 1970s."
>
> Dr Oliver said Saudi Arabia, the world's largest oil producer, then 
> stopped shipments to punish the US for backing Israel in its fight 
> with Egypt.
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