will hear information about oil and the economy. Listen and
put in the missing words.
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
. There's not enough refining
. Some analysts say there are not enough petroleum engineers;
enough petroleum geologists.
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.
they say that oil can go much
before the price reaches
record levels in real terms.
Australia imports 40 percent of our oil
. However, oil today is
a far smaller part
the world economy than
it was in the 1970s.