Following on from the article I recently published regarding the sudden rise in the cost of fuel in Australia by a whopping 14% in one day, and the absence of any logical reason despite the mainstream media falsely rabbitting on about the soaring cost of oil, I started thinking about the series of articles I wrote years ago about Australia running out of oil by 2020……. the last time I investigated this was almost three years ago. How time flies when you move interstate and start again…!
Finding current data turned out difficult, as usual. My traditional source from the government has still not updated its spreadsheets beyond September last year, so 2016 totals were not yet available.
This chart is from http://www.tradingeconomics.com/australia/crude-oil-production and means I don’t need to produce my own..!
Predictably, we are still bang on target to totally run out of oil by 2020, now just three years away.
I still believe that the oil companies are in serious financial trouble, but the fact that we are continually importing more and more liquid fuel from overseas instead of producing our own cannot be helping the situation. How much you will have to pay for the fuel for your favorite vehicle three hears hence is anyone’s guess…. except it’s unlikely to be less!
You may also remember I commented about the huge shale oil deposit found in South Australia over four years ago. Why has nothing yet happened about this scenario changing event, as we were promised by the ranting media of the time…?
A year ago, the Advertiser, Adelaide’s main newspaper wrote..:
THE company sitting on potentially significant shale oil reserves in the state’s far north has dismissed its previous claims to deliver a US-style economic boom for Australia.
“We just don’t have the resources on the ground to facilitate it and it makes it harder for us to attract investment from major traditional oil investment markets such as the US because if you look at it pound for pound, you are investing in a remote area in a remote part of the globe,” he said.
Don’t expect that chart to change any time soon……..