South Africa dodged a similar problem, our last president sold our 90 day reserve to his Dubai buddies below market rate. Fortunately our new multiparty government has competent people in place that fixed that before this crisis. Thus our fuel price is “only” going up by 15%, rather than tracking the oil price. It will go up more eventually, but some buffer is being provided for to soften the blow.
I am very surprised that australia and new Zeeland did not have bigger reserves, given they are on the end of a long supply chain and conflict in indonesia and china can cut off supply for a long time, not the mention a middle east crisis.
I am very surprised that Australia and New Zealand did not wean themselves off fossil fuels decades ago, given they are developed countries with wealth and skills and democracy.
South Africa dodged a similar problem, our last president sold our 90 day reserve to his Dubai buddies below market rate. Fortunately our new multiparty government has competent people in place that fixed that before this crisis. Thus our fuel price is “only” going up by 15%, rather than tracking the oil price. It will go up more eventually, but some buffer is being provided for to soften the blow.
I am very surprised that australia and new Zeeland did not have bigger reserves, given they are on the end of a long supply chain and conflict in indonesia and china can cut off supply for a long time, not the mention a middle east crisis.
I am very surprised that Australia and New Zealand did not wean themselves off fossil fuels decades ago, given they are developed countries with wealth and skills and democracy.