A survey of more than 330 NRMA Motoring & Services Members across NSW & the ACT found that almost 90 per cent believe Australia can no longer rely on overseas markets for fuel because of its volatility and should develop local sources of fuel.
"Australia stands on the brink of an energy revolution," NRMA President Alan Evans said.
"The Federal Government´s incentives to encourage motorists to make the switch to alternative fuels are having an impact and we must act now to make these available to all motorists.
"Governments, car manufacturers, the oil industry, NRMA and all other stakeholders have a responsibility to make the most of this community enthusiasm and set about developing an alternative fuel industry in Australia.
"That is why NRMA is holding its Alternative Fuel Summit today."
The NRMA survey found that cost savings and environmental causes were amongst the main reasons for the public´s change of heart about alternative fuels.
"Almost 80 per cent of motorists surveyed said they would convert their car to an alternative fuel because it's cheaper," Mr Evans said.
"More than 70 per cent would convert for environmental reasons and over 60 per cent pointed to incentives from the Federal government as their motivation."
The survey also found:
Mr Evans said change could not come soon enough, with almost 95 per cent of motorists surveyed saying that petrol prices had impacted negatively on their personal finances.
"Despite a recent drop in prices at the bowser very few people expect the problem of soaring prices to go away, with more than 80 per cent saying prices will stay high and 43 per cent of those even expecting it to increase," Mr Evans said.
"More than 95 per cent of people surveyed believe petrol prices are significantly impacting on the economy, suggesting that this issue will play a significant part in next year's federal election.
"This is a matter both sides of politics will need address by next October."
The survey also found that high petrol prices have also led motorists to begin modifying their behaviour:
Mr Evans will address today's Summit. Other speakers include Federal minister for Transport Warren Truss, Federal Opposition Leader Kim Beazley and international and domestic experts on alternative fuels.