oil price

Next oil-induced recession - are we there yet?

Research in the US confirms that there is a strong correlation between high oil prices and recessions. Recessions emerge when oil prices reach around $US85 a barrel (currently $US115 a barrel) or when the aggregate cost of oil for the nation equals 5.5% of GDP.

Price Tipping Point » Read more

Oil Price Response Plan For New Zealand Ignored

Prime Minister John Key's only response to rapidly rising oil prices has been to say "the government is powerless - there is nothing we can do". Not so. » Read more

oil prices rising rapidly before the unrest in Middle east

Here is the best analysis I have found about what’s been happening on the global oil scene. It also confirms that peak oil pundits like Canadian economist Jeff Rubin, and Richard Heinberg and dozens of others, have been uncannily accurate. This is a précis of Jeff Rubin’s recent article. » Read more

Joining the dots ... finally

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.

It has taken the uprising in Libya to finally focus the mind of commentators on the dire effects on the world economy of oil prices. But most of this analysis fails to acknowledge that prices were already rising rapidly well before the uprising is in the Middle East due to accelerating demand in developing nations, as well as in oil producing countries. And that the Libyan crisis and the speculation that has followed is a “fear premium” on the price -- which was already rapidly rising due to fundamentals of supply and demand.

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Opec earnings reach US$1.251 trillion

Opec's earnings from oil exports are expected to reach a record US$1.251 trillion ($NZ1.68 trillion) this year, about US$73 billion more than previously estimated, the US government's top energy forecasting agency said on Tuesday. » Read more

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