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on 22-01-2015 05:35 PM
So glad Hockey topped up the reserves of the reserve bank after Swan drained it. We need it to protect our institiuions that keep the economy running.
Joe Hockey warned of the headwinds coming our way in his "end of entitlement" speech in London but all we are getting from Labor and the Greens is:
Don't touch our entitlements, leave our welfare alone.
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22-01-2015 05:42 PM - edited 22-01-2015 05:44 PM
@this-one-time-at-bandcamp wrote:The high oil prices in the last decade was due to Middle East providing most of it, not much competition.
It was based on speculation, more than actual supply and demand. Every time there was a conflict, or even an event like a hurricane, or platform fire, the perception was that there would be a shortage, and world spot prices jumped.
Conflicts can have an effect on supply?
Up until very recently, however, that US oil boom — along with increases in Canada and Russia — had a fairly minimal effect on global prices. That's because, at the exact same time, geopolitical conflicts were flaring up in key oil regions. There was a civil war in Libya. Iraq was a mess. The US and Europe slapped oil sanctions on Iran and pinched that country's exports. Those conflicts took more than 3 million barrels per day off the market.
Either way it is good to have lower petrol prices at present. From $1.70 per litre to $1.10 approx, depending on what type of petrol you buy.
Joe Hockey, Australian treasurer -- The poorest people either don't have cars or actually don't drive very far in many cases..
Not much demand for petrol from poor people then, Joe! That pollie is a buffon.
Then we have the Govt Bowser Bandits - introducing a new fuel excise tax withouth getting it passed in Senate first, a tax which we have to pay GST on.
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on 22-01-2015 05:44 PM
The USA actually export their own oil.
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22-01-2015 05:45 PM - edited 22-01-2015 05:45 PM
Yes, which is why the petrol prices are lower as the OCED is competing with supply from the US now.
As posted above
Oil prices keep plummeting as OPEC starts a price war with US
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on 22-01-2015 07:32 PM
There are rumblings that the Saudis and the US are in cahoots, lowering oil prices to punish Putin and the Ruskies.........
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on 22-01-2015 07:51 PM
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on 23-01-2015 01:58 AM
The Saudi's are only one of 12 members of OPEC.The decision to lower or raise oil prices by member countries has to be unanimous.
In theory, yes.........but where Saudi Arabia leads, the others follow.......
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on 23-01-2015 08:51 AM
Agreed Icy, there are a few ponderable points therein... 🙂
Beginning in 2000, Australian property prices suddenly shot up. Contrary to the self-serving analysis of banks and investment spruikers, it was not related in any way to supply and demand.
Most of that increase was between 2000 and 2004, which underscores that this was disconnected from demand driven by population growth.
Instead, it was driven entirely by a massive flow of money into the property market—just like the oil market.
(The flow of money into the Australian property market was caused by a combination of government policy and bank speculation.)
I'll never forget that housing boom of the mid 2000's I was living in an area where, overnight the housing prices doubled and nearly tripled in some parts...
I know very little of economics, but all one needs to do is research how money comes into existence. Every dollar is printed with debt attached to it... You hear people banging on about debt all the time, reducing the debt, the country has too much debt ect Yet the system is designed to create perpetual debt, it's madness...
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23-01-2015 09:40 AM - edited 23-01-2015 09:42 AM
reading with interest
i thought there were less demand for fuel or something
poeple opting for alternative transport
Signatures suck.
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on 23-01-2015 09:43 AM
@am*3 wrote:Yes, which is why the petrol prices are lower as the OCED is competing with supply from the US now.
As posted above
Oil prices keep plummeting as OPEC starts a price war with US
I actually know that but thanks for repeating it in bold type.
