New Norway pump price record on the horizon
Motorists may soon be paying close to 11 dollars per US gallon.
As Norway’s winter tyre season coasts to a close, the fuel price looks to be speeding towards a new record.
Oil analyst Stig Otto Mjelde believes oil prices are more likely to rise than fall, meaning motorists may soon be paying 16 kroner per litre (approximately 11 dollars per US gallon).
Unrest surrounding Iran
He informs Bergens Tidende what drives today’s high prices “is primarily connected with the unrest surrounding Iran, where western countries oppose Iran’s nuclear programme.”
Can we live with these prices?
We know little about the future
Concluding several factors make it difficult to predict when prices will be reversed, he says no amount of forecasting and estimating will help “because we know very little about the future".
Rig company Seadrill moved its headquarters from the western Norway oil capital to London two years ago among major protests. Another John Fredriksen company is now moving out of Stavanger to Oslo.
Stavanger-based rig company Songa Offshore is to employ 700 during the next year.