Media release

[Drew Hutton]

OIL PRICE HITS $40 PER BARREL: OIL CRISIS LOOMS




The price of crude oil passed through the psychologically important US$40 barrier yesterday setting a trend that is likely to have massive impacts on the global economy. Brisbane's petrol prices are set to top $1 a litre.


However, despite a growing number of world experts sounding alarm bells, Australian governments appear to be in denial about the looming crisis.

 

Queensland Greens Senate candidate Drew Hutton said all levels of government in Australia were ignoring reality if they believed they could keep building more and more roads for the private motor vehicle when the cost of petrol was on an inevitable upward spiral.

 

"If Brisbane lord mayor Campbell Newman and his supporters at State and Federal levels get their way and build more freeways and tunnels, then they are likely to have difficulty finding enough cars to use them in fifteen years time," Mr Hutton said.


This is the reality of "peak oil", as predicted by the late M. King Hubbert and now studied by the world's leading petrochemical geologists including peak oil guru, Colin Campbell.  According to them, the current global production level of about 80 million barrels per day is about the limit.  Further sustained production growth, they say, is unlikely. Indeed decline is likely within a few of years.

 

With historically low oil inventories, the US is bracing for likely gasoline shortages through their summer.


Mr Hutton said that oil prices would be volatile for several years but the trend will be relentlessly upwards and the impact on the world economy, especially the US, will be devastating.

 

With the Australian economy being linked so strongly with the US, especially after the ratification of the Free Trade Agreement, the impacts in this country are likely to be serious.

Sunday 9 May 2004

Contact:  Drew Hutton 38462409  0428 487 110



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