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Tackle Speculators At G8


Tackle Speculators At G8

Author: NRMADate: 08 July 2008

Prime Minister Kevin Rudd should use his G8 visit to drum up international support for tougher regulations against speculators forcing up the price of oil.

NRMA Director Graham Blight, in Wagga Wagga today for the ACCC Fuel Watch meeting, said it was time for the buck-passing over rising oil prices to stop.

"Oil speculators blame OPEC, OPEC blames oil speculators, governments watch helplessly, oil companies get richer and Australian families suffer," Mr Blight said.

"It is absolutely preposterous that a handful of wealthy financial speculators can hold the rest of the world to ransom by driving up the price of oil.

"Today, it appears petrol prices rise unchecked without the slightest consideration for the enormous damage being done to regional communities.

"Rising prices are placing enormous strain on regional economies and farmers are struggling to cope with diesel prices now approaching the $2 per litre mark."

Mr Blight said the Prime Minister needed to help form a coalition of willing nations prepared to do something about rising oil prices.

"The NRMA does not subscribe to the view that nothing can be done to make petrol prices fairer and less volatile - the Government has to show leadership and this week it has to be on a global level," Mr Blight said.

"Oil prices have been dramatically over-inflated and its hurting families at the bowser.

"The world oil markets seem to go from one crisis to another, which is why the NRMA wants the Federal Government to finally get serious about developing alternative fuels and technology in Australia."

The NRMA is preparing to launch a new report into weaning Australia off its fossil fuel dependence. The report of the NRMA-commissioned Jamison Group will be released later this month.

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