Wednesday's Chorus: Why petrol is stuck over $3/litre

TLDR: Cost of living concerns are escalating all over the world as petrol or ‘gas’ prices hit new highs because oil prices are now stubbornly over US$120/barrel, and it’s not just because of Russia.

The usual response to higher prices of more investment in output isn’t happening this time because oil major shareholders want big cash dividends instead, and previous under-investment is hampering production. See more below the paywall fold and in the podcast above.

Stickers are appearing on gas pumps across the United States with a picture of Joe Biden pointing to the painfully high petrol price. Photo: Getty Images

Elsewhere in the news this morning:

• ANZ Group is considering buying MYOB from KKR, the AFR-$$$¹ reports;

• Global markets now expect the US Federal Reserve to hike its key cash rate by 75 basis points to as much as 1.75% at 6am tomorrow morning NZT; and,

• Ports of Auckland’s failed crane automation project may have cost $500m. Stuff.