1 economics the rising price of oil and its economic consequences presentation to first samuel ltd annual forum saul eslake chief economist anz bank australian club melbourne 16 th august 2005 www com go 2 0 10 20 30 40 50 60 70 80 90 100 75 85 95 00 05 us per barrel although has risen sharply in real terms it is still well below 1980 peak nominal note west texas intermediate source thomson financial datastream bureau labor statistics dollars 3 5 world economy less sensitive swings prices than used be barrels day 1mn gdp pa sources bp statistical review energy imf analysis 8 4 6 7
