Posted by: kentduston | July 30, 2008

NZ Crude Oil Imports Decline

Over at No Right Turn, I/S notes that New Zealand’s oil import bill has been steadily dropping over the last quarter, in parallel with the run-up in petrol prices. While this should surprise no-one – Econ 101 tells us that demand falls as prices rise – it’s salutary to see that real-world stats are backing up the intuitive view that there’s less traffic on the roads these days. Of course, as No Right Turn also notes, some of the change may be that the oil companies are running down stockpiles. Figures from the next quarter should show where the trend is going, but if we continue to import less oil products the impact on our balance of payments could be considerable.

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