ULP drops 22% since August....yeah right!!!!

This article was taken from The Age, Melbourne.

"Australians should be enjoying petrol prices of $1.20 a litre within a fortnight, a prominent economist says.

"Petrol prices should fall to $1.20 a litre across a number of Australian capital cities in the next fortnight," CommSec chief equities economist Craig James said today in his latest analysis of world oil markets.

His comments follow a continued cooling of tensions between Israel and Hizbollah, along with a weak start to the Gulf of Mexico hurricane season. Both have contributed to sliding world oil prices.

"Oil prices have continued to slide on global markets," Mr James said.

"The Tapis crude oil price has fallen to two-month lows while the Singapore unleaded gasoline price stands at five-month lows, down 22 per cent from the peak in early August."

Mr James has previously predicted petrol prices would be at $1.15 by Christmas.

He now says motorists might not have to wait that long for lower prices.

"If current trends persist, Australian motorists won't have to wait until Christmas to see petrol at $1.15 a litre," Mr James said.

"World oil prices continue to ease on the expectation of more plentiful supplies in coming months while margins for refining product in Asia are also dropping."

Now, who would believe that ULP has dropped 22% since August??
That represents roughly a 30 cent drop.

Are we being scammed once again?