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Friday, February 25, 2011

Starting to Join the Dots .... finally

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Suddenly the world's media is awash with concern that the recent rise in oil prices will stall economic growth worldwide and cause another global recession. Guardian and here  BBC  Wall Street Journal

Finally, even in New Zealand, Brian Fallow economic commentator for the New Zealand Herald expresses concern about the implications for the New Zealand economy from rapidly rising oil prices.

Wednesday, February 16, 2011

Ostrich-like Denial Continues

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In August 2009 I wrote an opinion piece published in the New Zealand Herald - "Country Oblivious to Next Oil Shock". I opined that “the spike in oil prices to US$147 a barrel in 2008 helped trigger the global recession. And soon after a global economic recovery, the inevitable return to triple-digit oil prices will lead the world right back into recession.”
Back then the oil price was around US$70 a barrel – today Brent Crude is indeed over US $100 – in triple digit territory.

Wednesday, February 9, 2011

Peak Oil for Saudi Arabia confirmed by WikiLeaks

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Projections by peak oil people that Saudi Arabia oil reserves have been grossly overstated (by 40%) and that the country can no longer prevent world oil prices rising have been confirmed in confidential cables from the US Consulate, released by WikiLeaks