The King of Oil

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Cameron Pitches / NZ Herald

During the debate about the forthcoming 5c per litre increase in petrol excise, a number of politicians and commentators have suggested deferring the increase until oil prices stabilise at lower levels. Yet no one has been able to offer a valid reason why prices should come down.

With global crude oil consumption running at a staggering 84 million barrels a day, the current price of around $US56 per barrel seems entirely reasonable. At an equivalent price in our currency of 50c per litre, even imported bottled water is more expensive.

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