the spin just doesn't stop...
Makes it sound almost benign. Certainly only cause for moderate and short-term worry, right?
The idiot forgot to mention that its global, not merely Australian.
The idiot forgot to point out that thiry years ago the "oil shock" was a mere hiccup as the world adjusted to the fact that the US's territorial oil supply had peaked and that from that point onwards, the US would need to obtain ever-increasing amounts of oil from other countries by either begging, borrowing, or stealing.
The idiot forgot to mention that what's happening now is not so much an "oil shock" as it is "the end of oil".
In the last twelve months the price of crude has DOUBLED. When you view a graph of the the price of crude over the last ten years, you see a graph that indicates clearly, to all but an idiot, that the rate of price increase has already gone exponential. And all the logical indicators are that the graph will get steeper and steeper.
What does this mean? Well, rather than repeat myself, I'll refer you to stuff I said two years ago >>>