[Peakoil] US threat to falling petrol pump prices

[Antony Barry]

US threat to falling petrol pump prices

     * Nigel Wilson, Energy writer


Extracts -

One week after the Australian Competition and Consumer Commission  
"shamed" oil companies into cutting their margins, pulling bowser  
prices sharply lower, there are warnings the rising price of crude  
oil will send petrol higher again.

...But the statement came as crude prices increased sharply after the  
US Government announced plans to increase its strategic oil stockpile.

...US Energy Secretary Samuel Bodman said the Government would begin  
buying 100,000 barrels a day to increase the capacity of the  
strategic petroleum reserve to 1.5 billion barrels during the next 20  
years.

...Australia is a signatory to the International Energy Agency's  
requirement that 90 days' supply be held as a reserve, though the  
Government relies on oil companies maintaining sufficient stocks to  
meet day-to-day needs.

...Graeme Samuel, chairman of the ACCC, last week attempted to shame  
petrol retailers into reducing pump prices after the Australian  
retail price moved out of kilter with the nearest international  
benchmark, the Singapore price for 95 octane motor petrol, known as  
Mogas95.

More at <http://www.theaustralian.news.com.au/story/ 
0,20867,21114199-2702,00.html>


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