ID :
17703
Mon, 09/01/2008 - 19:54
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Shortlink :
https://oananews.org//node/17703
The shortlink copeid
Petrol up as FuelWatch battle continues
Petrol prices are climbing again as the federal government's planned FuelWatch scheme remains delayed in the Senate. Fresh data released on Monday by the Australian Institute of Petroleum shows the national average price of unleaded rose last week by one cent to $1.50.
CommSec chief equities economist Craig James said the rise was almost entirely due to the plunging Australian dollar. "Despite global oil prices falling over the latest week, pump prices have risen as a
result of the falling Aussie," Mr James wrote in a briefing note.
"Singapore unleaded petrol fell by over $US1.50 ($A1.75) a barrel in the latest week, however, prices actually rose by just under $2 in Aussie dollar terms."
Worryingly for motorists, raging Hurricane Gustav forced the shutdown of oil rigs across the Gulf of Mexico as it approached the US. "From the operators' reports, it is estimated that approximately 96.26 per cent of the oil production in the Gulf has been shut-in," the US Department of the Interior's Minerals Management Service said in a statement on its website.
Meanwhile, the government's battle to win support for its FuelWatch scheme continued with Assistant Treasurer Chris Bowen holding discussions with balance of power senators Nick Xenophon and Steve Fielding.
Both senators say they will not support the legislation in its present form. The Australian Greens, who hold the other five balance of power votes, are awaiting the outcome of a Senate inquiry before declaring a final position. "I've had a discussion with Senator Xenophon, and I'll continue the same with Senator Fielding, and I'll continue right up until it goes to a vote in the Senate I'm sure," Mr Bowen told ABC Radio.
Mr Bowen said FuelWatch was a very important reform which would give consumers a lot more information and introduce transparency into the petrol market. "You've got the situation where the ACCC (Australian Competition and Consumer Commission) says we have as close to collusion as you can get in the petrol market with it still being legal, and the response of the federal opposition is, that's fine, no worries, we're not going to do anything about it," he said.
"Well, that's not acceptable to the government and we'll be arguing the case vigorously."
CommSec chief equities economist Craig James said the rise was almost entirely due to the plunging Australian dollar. "Despite global oil prices falling over the latest week, pump prices have risen as a
result of the falling Aussie," Mr James wrote in a briefing note.
"Singapore unleaded petrol fell by over $US1.50 ($A1.75) a barrel in the latest week, however, prices actually rose by just under $2 in Aussie dollar terms."
Worryingly for motorists, raging Hurricane Gustav forced the shutdown of oil rigs across the Gulf of Mexico as it approached the US. "From the operators' reports, it is estimated that approximately 96.26 per cent of the oil production in the Gulf has been shut-in," the US Department of the Interior's Minerals Management Service said in a statement on its website.
Meanwhile, the government's battle to win support for its FuelWatch scheme continued with Assistant Treasurer Chris Bowen holding discussions with balance of power senators Nick Xenophon and Steve Fielding.
Both senators say they will not support the legislation in its present form. The Australian Greens, who hold the other five balance of power votes, are awaiting the outcome of a Senate inquiry before declaring a final position. "I've had a discussion with Senator Xenophon, and I'll continue the same with Senator Fielding, and I'll continue right up until it goes to a vote in the Senate I'm sure," Mr Bowen told ABC Radio.
Mr Bowen said FuelWatch was a very important reform which would give consumers a lot more information and introduce transparency into the petrol market. "You've got the situation where the ACCC (Australian Competition and Consumer Commission) says we have as close to collusion as you can get in the petrol market with it still being legal, and the response of the federal opposition is, that's fine, no worries, we're not going to do anything about it," he said.
"Well, that's not acceptable to the government and we'll be arguing the case vigorously."
