Huge blowout in NZ oil import cost

In the year to September oil imports rose 22% to $7.7 billion. Oil is costing us $1.4 billion more than a year ago.

If this price trend continues then by 2015 our annual oil import bill will soar to $17 billion and will be $11 billion more than it was in 2010. That annual extra cost will be greater than the government's contribution to the Christchurch earthquake.

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Must Watch Australian Report on Peak Oil

The Australian Broadcasting Corporation’s Catalyst programme has just broadcast the best peak oil documentary in recent times. In just 12 minutes it covers many of the essential points, and is a great way to get yourself up to speed on peak oil. Please take the time to watch it, and share this Youtube link and the ABC Catalyst link with your networks, and with anyone you believe is unaware of, or in denial about peak oil.

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Keynote speaker at NZ Petroleum Conference confirms peak oil and warns of economic collapse

Farouk Al-Kasim. a Norwegian oil expert, was a invited by the NZ government to be a keynote speaker at the NZ Petroleum Conference.  But in an interview on Radio NZ with Kim Hill, he rained on the government's parade big time, stating that we have already reached global peak oil.  He also said that higher oil prices and oil scarcity will mean global recession and possibly economic collapse.

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Peak Oil Could Halve NZ's Economy - says Report

Two Canterbury University academics have analysed the impact of fuel restraint (peak oil) on New Zealand's economy.

Their alarming conclusion is that with just 10% less fuel available, New Zealand's economy would shrink by around  $115 billion in just five years. If a 10% fuel restraint continued for 20 years, New Zealand economy would shrink by $412 billion compared to a business as usual scenario. 

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