ID :
10652
Tue, 06/24/2008 - 09:51
Auther :
Shortlink :
https://oananews.org//node/10652
The shortlink copeid
Oil summit step in right direction: Rudd
(AAP) - Prime Minister Kevin Rudd has hailed an oil summit as a step in the right direction, but the opposition says his government is "all blow and no torch" on petrol prices.
The gathering of oil-producing and -consuming nations in Jeddah, Saudi Arabia,
called for greater transparency in market dealings, and for an increase in
investment to ensure markets are adequately supplied.
The summit host, Saudi Arabia's King Abdullah, blamed oil price increases on
increased oil consumption, taxes on fuel, and oil "speculators".
But it didn't stop world oil prices edging higher in Asia in the wake of the
meeting, remaining close to recent record highs and near $US140 ($A146.90) a barrel.
Mr Rudd earlier this month called for the Group of Eight nations to deliver a
"blowtorch" to the Organisation of Petroleum Exporting Countries (OPEC) in a bid to
raise production rates.
But Energy Minister Martin Ferguson took a different approach when he attended the
emergency meeting.
Rather than press for increased output, Mr Ferguson called on OPEC to push countries
to open "stranded" oil reserves, and called for more investment in technology to
ensure more efficient crude production.
"What has become of the blowtorch that the government was going to apply to the oil
producing countries?" Dr Nelson asked the prime minister in parliament.
"Doesn't this prove that the government, when it comes to petrol prices, is all blow
and no torch?"
Mr Rudd said he was distressed to hear the opposition trying to make political gain
from the global impact of rising oil prices.
"There seems to be one party which seems to celebrate the fact that there are
difficulties in the overall supply situation," Mr Rudd said.
"And that is the party opposite because they seek political advantage in it."
Mr Rudd said he was pleased the government participated in the summit.
"This is a government which wishes to be part of the solution for global oil, not
just part of the problem," he said.
"The Jeddah summit is one step forward in terms of greater global cooperation in the
challenge in what is a demonstrably global oil crisis.
"There is, however, much more work to do."
New data from the Australian Institute of Petroleum showed petrol prices rose to
fresh record highs in the last week in all states, rising by a national average of
three cents to 161.4 cents per litre.
But Commonwealth Securities economist Savanth Sebastian offered some short-term
relief to motorists, given that country's petrol benchmark - the Singapore unleaded
petrol price - has fallen $US10 ($A10.49) per barrel from its peak.
"This is likely to translate to falling pump prices in a fortnight's time. The
national average price is likely to fall by around 5 cents to $1.55 a litre," Mr
Sebastian said.
Other data showed that higher petrol prices are having an impact on new vehicle sales.
Australian Bureau of Statistics said sales fell by a seasonally adjusted 1.6 per
cent in May - with four-wheel drive vehicles falling by 4.0 per cent, the biggest
decline in almost two years.
"Consumer interest is moving away from performance and power and more focused on
fuel economy, leading to smaller vehicles being purchased," Mr Sebastian said.
The gathering of oil-producing and -consuming nations in Jeddah, Saudi Arabia,
called for greater transparency in market dealings, and for an increase in
investment to ensure markets are adequately supplied.
The summit host, Saudi Arabia's King Abdullah, blamed oil price increases on
increased oil consumption, taxes on fuel, and oil "speculators".
But it didn't stop world oil prices edging higher in Asia in the wake of the
meeting, remaining close to recent record highs and near $US140 ($A146.90) a barrel.
Mr Rudd earlier this month called for the Group of Eight nations to deliver a
"blowtorch" to the Organisation of Petroleum Exporting Countries (OPEC) in a bid to
raise production rates.
But Energy Minister Martin Ferguson took a different approach when he attended the
emergency meeting.
Rather than press for increased output, Mr Ferguson called on OPEC to push countries
to open "stranded" oil reserves, and called for more investment in technology to
ensure more efficient crude production.
"What has become of the blowtorch that the government was going to apply to the oil
producing countries?" Dr Nelson asked the prime minister in parliament.
"Doesn't this prove that the government, when it comes to petrol prices, is all blow
and no torch?"
Mr Rudd said he was distressed to hear the opposition trying to make political gain
from the global impact of rising oil prices.
"There seems to be one party which seems to celebrate the fact that there are
difficulties in the overall supply situation," Mr Rudd said.
"And that is the party opposite because they seek political advantage in it."
Mr Rudd said he was pleased the government participated in the summit.
"This is a government which wishes to be part of the solution for global oil, not
just part of the problem," he said.
"The Jeddah summit is one step forward in terms of greater global cooperation in the
challenge in what is a demonstrably global oil crisis.
"There is, however, much more work to do."
New data from the Australian Institute of Petroleum showed petrol prices rose to
fresh record highs in the last week in all states, rising by a national average of
three cents to 161.4 cents per litre.
But Commonwealth Securities economist Savanth Sebastian offered some short-term
relief to motorists, given that country's petrol benchmark - the Singapore unleaded
petrol price - has fallen $US10 ($A10.49) per barrel from its peak.
"This is likely to translate to falling pump prices in a fortnight's time. The
national average price is likely to fall by around 5 cents to $1.55 a litre," Mr
Sebastian said.
Other data showed that higher petrol prices are having an impact on new vehicle sales.
Australian Bureau of Statistics said sales fell by a seasonally adjusted 1.6 per
cent in May - with four-wheel drive vehicles falling by 4.0 per cent, the biggest
decline in almost two years.
"Consumer interest is moving away from performance and power and more focused on
fuel economy, leading to smaller vehicles being purchased," Mr Sebastian said.
