Greens query oil price forecasts
The (New Zealand) Green Party's two co-leaders grilled Government officials yesterday about grossly inaccurate forecasts made last October about future oil prices.
The Economic Development Ministry forecast oil would be US$20 a barrel this year, rise to US$25 a barrel by 2020 and be stable thereafter.
The information was based on United States Government and International Energy Agency data.
But Greens co-leader Jeanette Fitzsimons said in questioning ministry officials at the finance and expenditure select committee that within a month of the forecast it had been exceeded and the price was now about US$54 a barrel.
She asked if the ministry was rethinking whether it should broaden the range of sources it used in such forecasts.