Either that, or there is a tension between various markets, the resolution of which will be fascinating to watch. But the main point is still that the current level of oil prices is mainly a sign of global demand strength it is just that some of the strength is in different places from historical patterns.
For Australia, a global growth situation that is strong enough to be exerting upward pressure on energy (and other resource) prices, and where growth is weighted towards Asia, seems for the moment to be quite a favourable one. ***** According to the national accounts, Australia recorded moderate growth in 2004.