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This is a guest post from anawhata. "Oil is an incredible, irreplaceable gift of nature which packs energy in a dense, easily transportable form." - Jérôme Guillet – Energy Industry Investment Banker The hard facts The world price of oil in US dollars has doubled in the last year (June 2007 to June 2008) from US$67/barrel to over US$135/barrel The world price has gone up by 6 times in 6 years, from US$20/barrel in 2002 to over US$135/barrel by mid 2008 With hindsight we can see that the great cheap oil era lasted 16 years from 1986 to 2002 when the price was mostly in the range $15 – 25/barrel, coming off a $39 peak during the "oil shock" of 1980 (equivalent to about US$95/barrel in 2008 money). The short sharp spike seen at the end of 1990 was due to the first Gulf War. Within Australia we have been somewhat insulated from... [read full story]
