petrol tipped to hit 8 dollar a litre by 2018, page-8

CSIRO people may be educated by the standard of average people but in no way can they be judged as being at my level of intellect. They have simply got it wrong. Shale and tar sands are expensive, as I have said, but that was when oil was $20/barrel. We are fast approaching the point at which they are economic. But I think the Arabs will be advised very shortly that it is not in their economic interest to push the price of oil to the point where it becomes economical to produce oil from tar sands and oil shale.
But beyond that electric plug-ins and fuel cell cars will in the next few years make inroads into the car market, reducing the demand for petrol. The price of petrol will then drop like a stone and taxes will be applied to support the price.