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Chart of the Day - Wednesday 21st November 2007
Posted by Phil Hart on November 20, 2007 - 7:53pm in The Oil Drum: Australia/New Zealand
The Australian Institute of Petroleum provides a lot of great information on their website, in an attempt to diffuse the arguments of those who claim the oil companies are ripping us off at the petrol pump.
This chart shows that the price of unleaded petrol in Asia (in Australian dollars) has been steadily increasing over the last four weeks, partly with the international price and also recently due to the Australian dollar pulling back a little. Unleaded petrol per barrel is now at the same level that it reached last year when we had record petrol prices (around August 2006).
There is a 1-2 week delay in these prices reaching your local petrol pump. If they stay at this level, then petrol prices in your area will climb to similar highs we reached in August last year. If prices keep rising just a little further, then we will soon be setting new records.
The full AIP Weekly Petrol Prices Report has even more detail and lots of great charts.
Are petrol prices at these levels changing your driving habits? If not, prices are going to have to go much higher to achieve the demand destruction that will be necessary over the next few years. How much higher do prices have to go before they will influence your driving decisions?
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We're already seeing diesel getting close to $1.50 out in country NSW. Thankfully I don't have to drive to work, but we certainly don't nip into town (a 30 minute drive) as much as we did a couple of years ago. Having said that we still do what we need to do and try to ignore the price. I guess once it cracks $100 to fill the tank then we may need to make some more changes. We're currently around the $80 mark for each fill...
I do a lot of driving within NSW and have noticed
over the past few years that traffic volumes are '
down and I no longer have problems finding vacanies
in motels. I suspect that people are driving
less in the country except at holiday time. Interstate
travel is now predominantly by plane. A return
car trip Sydney-Melbourne will now cost me around $250 in fuel compared to a $69 air fare.
However, I don't think city driving has been
affected by the oil price, yet.
great to have your comments and perceptions from different areas. anybody feel like writing a (short) post for TOD ANZ on a topic of your choice? we'd love to hear from you..
cheers
phil.
I run a gas station in NZ in an area where money is always tight. We are seeing the same number of customers and they are getting their usual $20 at a time. with the increase in price they are not able to drive as far. Clearly price is controlling demand in my area, however over the whole city the volume pumped is up on last year. When the rest of the city catches up to what the less affluent already have done will be an interesting time.
Pique_Oil