THE ECONOMY (page 2)

Fuel 3

You will hear information about oil and the economy. Listen and put in the missing words.

//Virtually no more oil can be pumped to satisfy further increases in demand. Or put another way; spare capacity is one percent of present global consumption. So there's not enough spare production . There's not enough refining . Some analysts say there are not enough petroleum engineers; enough petroleum geologists.

//The crude oil price has tripled over the three years, but let's remember in the second oil shock triggered by the Iran-Iraq war in 1979-1980 oil prices went to US $100 a barrel at today's prices.

//So they say that oil can go much before the price reaches record levels in real terms.

//Now Australia imports 40 percent of our oil . However, oil today is a far smaller part the world economy than it was in the 1970s.