Petrol watching

Strange things are likely to start happening to the world economy when crude oil prices go over $80 per barrel (the inflation-adjusted price in the midst of the 1970's oil crisis), but things are already moving along now that the $70 barrier has been breached. Well, that was yesterday, when I received a Yahoo IM from lynntan at about 10 in the morning : "crude oil high at USD70.80."

Today, the oil majors over here have reacted : plastered all over the front page of the Straits Times, Singapore's national newspaper, is the headline "Petrol soars to $2 a litre as oil output is hit". Sorry, no link - the website became subscription-only months ago.

The Americans have their psychological level (US $3 per gallon gas). Looks like Singaporeans have our own level as well (S$2 per litre petrol). And so, we have arrived at this point, where people start to think, "hey, oil is sure getting really expensive".

Former colleague jotsze sent a link to www.petrolwatch.com.sg - it's a pretty new site that tracks the latest petrol prices in Singapore. Drivers may like to keep an eye on this page, especially the news section. Me, I'm just lucky this time - topped up the fuel tank last Friday before the price hikes. And yes, more eco-driving is definitely in order.

The forummers, are as expected, up in arms over the price rises. I do wonder, when will the masses start to pick up on the "peak oil" concept? Perhaps when $4 per litre petrol starts to do some real damage - both to the wallets and the economy. In the meantime, officially, let's put the blame on Katrina.

(2005-08-30 13:21:59 SGT) [Energy] Permalink

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