The increasing price of petrol is a concern for all motorists, but the per petrol barrel price is a concern for everybody.
This price is hovering around $102 with it on Monday above this at $103. Volatility in the market is caused at the moment by the crisis in Libya. This comes on the back of turmoil in Egypt, which is a key player in oil logistics as the operator of the Suez Canal.
See weekly market update video below of IRG BOP's Jonathan York.
The impact of this volatility means increasing barrel prices and this impacts on much of the New Zealand economy.
For the markets, IRG BOP's Jonathan York says the fluctuations are being well digested in New Zealand at this stage and thinks this will continue to be the case providing there is no major spike.
He suggests a price above $120 per barrel may cause some problems.
1 comment
Peak Oil bites
Posted on 23-03-2011 18:41 | By ronillian
It has been predicted by experts for years that Peak Oil will kick in...the question was when. We have got used to cheap, abundant oil/petrol form the last 100 years but all that is about to end as we pass the peak of oil production and global demand drives limited supply ever higher. Politically our National-led govt has done nothing to prepare us for it. Our Regional and Local COuncils have done nothing either. Many councillors are unaware of the concept of Peak Oil what's more trying to implement policies to future-proof us. The Green Party and the (global) Transition Town movement seem to be the only enities that have some kind of program to anticipate it and do something about it. Perhaps it's time for individuals to prepare themselves and our community for more (predictable) oil shocks given the lack of political will by our leaders.
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