Back on the 11th of July the CSIRO released its “Fuel for Thought” study predicting that fuel prices could go to $8 a litre ($35.20 per gallon if your an American). This made the daily news headlines across Australia at the time.
“The report bases its worst case scenarios on the assumption the world will reach peak oil within the next five years. Peak oil is when oil production hits its maximum annual rate, then starts to decline and is no longer able to match demand.
If the decline in production was abrupt, petrol would hit $8 a litre by 2018, it says.”
At the time Oil was $147 a barrel. On the CSIRO’s prediction it would soar to $653 a barrel. Mind you the CSIRO was the only ‘reputable’ organization I know of that was predicting a price anywhere near that.
I know its less than a month later but hows the CSIRO’s credibility looking as oil slumps to $118 a barrel and bowser prices are back around $1.40 a litre?
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Do you have any plans to sell the system overseas?