Before the general election, they told us that we would become a net importer of oil by 2011.
Now, with the sharp oil price increase, they tell us we can remain a net exporter of oil until 2014-2015. You see, domestic demand will slow down. Some of us might turn to bicycles – and even live to tell the tale, given the notorious absence of bicycle lanes on our roads.
Excerpt from Reuters:
“It will be postponed if the demand does not grow at the rate that it should grow,” (Petronas) Chief Executive Mohd Hassan Merican was quoted as saying by state news agency Bernama.
He added: “If the rate is reduced from six percent (demand growth annually) to four percent, it will be extended by three to four years to 2014 or 2015.”