/ 13 October 2021

Fuelling high prices

Image source: Unsplash
Image source: Unsplash

Analysts say the world is entering its worst energy crisis since the 1970s as fuel and power prices hit record highs. Yesterday, global oil prices jumped to their highest level since 2018, and coal prices have also spiked. There’s no one explanation for what’s going on. There’s a surge in demand as nations shake off COVID. China’s key mining region has been hit by floods, and it’s run itself short of coal after putting Aussie imports in the freezer. Russia’s playing political games with its supply of fuel to Europe. And moves to achieve reduced emissions targets have seen some countries short of power and a need to fire up quickly. A lot is going on… Reports say price hikes are expected to hit Australian shores soon with Oz importing 80% of its petrol, diesel and jet fuel supplies. Isn’t 2021 the gift that keeps on giving…

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