Why petrol prices could finally be set to drop
New American crude oil exports set to increase competition and drive down global petrol prices
Skyrocketing petrol prices are something that many Aussies are feeling at the hip pocket, as many Queenslanders can attest to.
“Especially for low income earners like myself, it makes it very difficult,” one student told Nine News.
But now a high-stakes, high-powered global showdown, a world-wide fuel-fight, could finally placate the South-East’s petrol problem.
“An increase in that supply and that demand hasn’t increased will see a glut onto the market and we’ll see prices come down,” Rebecca Michael, RACQ’s Head Of Public Policy said.
So what is the solution? Crude oil production in the United States has hit a record high, and
Historically it’s the sale-yard of Russia and OPEC nations — which have been cutting production, driving up oil prices.
But now more oil means more competition and downward pressure on prices that could flow all the way to your bowser. And while that’s great news in theory, the trickle down effect will won’t happen immediately.
“It’ll take some time. It requires infrastructure, but we would welcome the increase of Oil into the Asia Pacific market,” Michael said.
Ultimately, Queenslanders wanting cheaper fuel now may have to wait, as the government doesn’t yet have a delivery date for it’s trial real fuel pricing website, despite NSW Government launching their own real time Fuel Check site two years ago.