[Peakoil] Labor queries Howard's petrol calculations

[Antony Barry]

 From http://www.abc.net.au/news/newsitems/200608/s1709954.htm

Labor queries Howard's petrol calculations

Prime Minister John Howard has been forced to defend comments he made  
earlier this week about the price of petrol.

Mr Howard said he hoped bowser prices might fall to $1.15 a litre.

Labor MP Joel Fitzgibbon has questioned Mr Howard's calculations.

Mr Fitzgibbon says the last time petrol was $1.15 a litre, crude oil  
cost about $US60 per barrel.

"Compared to the budget forecast of more than $US70 per barrel and  
current prices of around $US70 per barrel," Mr Fitzgibbon said.

Mr Howard says he was not trying to make an educated projection on  
what where prices might go, rather he was hoping prices will fall.

"I gave no time frame to it, and I don't in any way withdraw what I  
said," Mr Howard said.

The Australian Competition and Consumer Commission is to extend its  
monitoring of fuel prices to include ethanol fuel.

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