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32 comments on 5th International Conference on Oil and Gas Depletion
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32 comments on 5th International Conference on Oil and Gas Depletion
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NZ current account deficit much worse than expected (from oil imports and asset sales to foreign banks and energy Co.s) so the NZ$ tanks and they pay even more for oil.
http://www.nzherald.co.nz/section/story.cfm?c_id=3&ObjectID=10387826
Continued power cuts from two big, back to back late fall storms.
http://www.nzherald.co.nz/section/story.cfm?c_id=1&ObjectID=10387780
Driving around most of NZ a couple of months ago (guilty!), I was struck by the vulnerability to oil shocks. South Island especially given the larger distances between towns. We should see Powerdown progressing soon at this rate, intentional not weather related, in a socially advanced country that is tapping a lot of hydro and some geothermal but has no provision for expensive petrol except to raise prices over and over again. Yikes, a test case! Last week the government reported that their petrol tax revenues are being undermined as Kiwis drive less.
http://www.smh.com.au/news/business/oil-import-bill-rockets-to-23b/2006/06/19/1150701476426.html
"Australia's single biggest monthly bill for imported oil is threatening to blow-out the nation's trade deficit as well as inflict even more pain on motorists. Two billion litres of petroleum products, worth more than AUS$2.3 billion, were brought into the country during May - some $500 million more than April."