Australian motorists have had a charmed ride compared to those overseas because of the bouyancy of the Australian dollar. That ride seems to have come to an end with news reports that the price of fuel is set to hit a 3 year high.
PETROL prices are on the rise again with the cost of unleaded expected to hit a three-year high at Brisbane bowsers on Thursday.
Already 40 per cent of service stations have upped their prices to 154.9 cents a litre – a jump of 17 to 18 cents.
RACQ spokesman Brodie Bott said the sudden price hike cut short the 12-day price cycle by four days catching many motorists out.
“We expect the rest of the fuel stations to put their prices up throughout the day, and ULP prices could be the highest since the onset of the global financial crisis three years ago,” Mr Bott said.
The falling value of the Australian dollar was behind the latest price hike, he said. At 7am on Thursday, the Aussie was trading at 96.54 US cents – up on yesterday’s close of 95.50 US but down on a fortnight ago.
It’s about to happen in the US, whose currency has declined much more rapidly than most, where South African company SASOL, is exporting technology developed because of apartheid era trade sanctions.
Sasol has selected the southwestern region of the state of Louisiana as the site for a planned gas-to-liquids, or GTL, facility.
The project is slated to be the first plant in the US to produce GTL transportation fuels and other products.
Louisiana Governor Bobby Jindal, Sasol Managing Director: New Business Development Ernst Oberholster said, “We believe Sasol’s proprietary GTL technology can help unlock the potential of Louisiana’s clean and abundant natural gas resources and contribute to an affordable, reliable and high quality fuel supply for the US.”
So it looks like technology and new finds have pushed Hubbert’s Peak (Oil) back substantially, and it is not something I will have to worry about in my lifetime.