Thursday, June 11, 2009

Petrol prices?

On my last post on profiteering on petrol prices, recently it seems to be creeping up again. But is there a reason why, besides the USD weakening, is there a need to increase the price? Since Singapore Dollar is strengthening, is there really a need to raise pump prices given that it should par off? Looks like they will use hedging as an excuse.

The amount of crude oil left in the ground was 1.258trn barrels last year and at today's rate of use however there is still enough oil to last the next 42 years. As we embrace more green technology, will we be able to extend it? Highly likely.

I remembered when I was studying back in the eighties, it was rumoured that oil will run out by 2000. Today we are in 2009 and there is still an estimated 42 years remaining supply. Reason is due to the more reserves exploration revealing new sites as well as newer drilling technologies which allows more deeper extractions.
I reckon we will have more good years to be petrol heads and lemme burn some rubber tomorrow!

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