A barrel of crude oil = 159 liters.
Crude oil is quoted today at US$65.80 per barrel = Aus$86.07 per barrel = Aus$0.54 per liter
April 28, 2005.
“The forecast came as BP unveiled record first quarter profits of US$5.5bn - a 29 per cent increase on the same period last year - thanks to the surging oil price.
Shareholders received more than US$4bn in dividend payments and share buy-backs.”
That equates to US$22 Billion (Aus$28.8 Billion) full year profit.
Eventually certain industries will talk either alternate energy or greater efficiency, demand will relax = stabilisation in oil prices - oil company yields will become more realistic.
Interestingly, few western economies appear to have suffered significantly due to higher oil prices.
But that's only my two cents worth - and I've been wrong before!
Woomera