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Oil Price

Australia in last quarter of its oil age

Australia is in the last quarter of its oil age. Geoscience Australia submitted oil production projections to the Senate Inquiry on oil supplies in 2005/06, showing 3 scenarios.

http://www.aph.gov.au/SENATE/committee/rrat_ctte/oil_supply/submissions/sub127.pdf

Actual data of the last 3 years show we are following the 90% probability curve, the lowest of the projections:

Crude oil is declining even steeper. Please note that [...]