Crude oil breaks the psychological barrier.

The psychological barrier was broken today along with millions of hearts as crude oil hit an all time high of $100 a barrel. This is nearly triple the price per barrel paid five years ago and is yet another result of the geopolitical situation the world now faces.

In addition, it was reported that at the bowser the price of petrol rose 13 cents at some outlets today. This occurred in spite of Australia sourcing its supply from Singapore and so being somewhat protected from immediate increases. This surely is a case for the A.C.C.C to investigate, testing the Rudd Government’s resolve to monitor price gouging by the oil companies.

In spite of the fact that oil, as a finite resource, should be priced accordingly, there is no doubt that the Iraq war and ongoing tensions in the middle east and other oil producing areas will be felt for a long time to come. Motorist and non motorist alike will feel the effects of this rise as the increased price flows through to all goods and services through increased fuel costs.

Yet, it could be said that this price rise could have some positive effects. Firstly it may help lower carbon emissions by limiting the use of motor vehicles. Secondly, it could lead to further research into more climate friendly and economical means of transport to replace fossil fuels.

In the shorter term however, we will all have to bear the cost. Looks like the new slogan: “lose weight in 08!” just got a helping hand. So, do the climate friendly thing and get out the walking shoes or get on your bike!

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~ by abstraktbiblos on Thursday, 3 January, 2008.

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