Friday, 4 January 2008
All day yesterday the Australian media was shouting out that oil had reached $100 per barrel and petrol prices at the pump would soar within days.
While increased petrol prices appear unavoidable, it was strange that not one media outlet managed to report the following.
"Oil prices eased Thursday [my emphasis] after soaring to touch a record $100 a barrel overnight on escalating violence in Africa's leading oil producer, a weaker U.S. dollar and a view that global demand for oil will outstrip supplies."
I guess the fact that the 'magical' $100 mark only lasted a few hours wasn't thought to make a good story.
However, it doesn't take a crystal ball to realise that teaching the car to eat grass may be the only way to go on the average family budget.