[Peakoil] Fwd: [Greens-Media] MEDIA RELEASE - Govt must act over rising oil import bill

[Antony Barry]

Begin forwarded message:

> From: "Willis, Katrina (Sen C. Milne)" <Katrina.Willis at aph.gov.au>
> Date: 20 June 2006 1:30:08 PM
> To: <media at lists.greens.org.au>
> Subject: [Greens-Media] MEDIA RELEASE - Govt must act over rising  
> oil import bill
>
> MEDIA RELEASE
>
> Tuesday, 20 June 2006
>
>
> Govt must act over rising oil import bill
>
> Australia's $2.3 billion oil import bill for May points to the need  
> for
> urgent federal government action, Australian Greens energy  
> spokesperson
> Senator Christine Milne said today.
>
> "It's no good Prime Minister John Howard wringing his hands and
> complaining that the government can't do anything about the price of
> oil," Senator Milne said in Canberra.
>
> "Australia is in a desperate and rapidly deteriorating situation  
> when it
> comes to oil imports. Just four years ago we were running an oil trade
> surplus of $4 billion per year, now we are running an oil trade  
> deficit
> of $8 billion per year.
>
> "This has compounded an already bad national trade performance where
> Australia hasn't recorded a monthly trade surplus in over four years
> despite record prices for our mineral exports."
>
> "Oil-fed trade deficits make Australia's high current account deficits
> even worse which means we pay higher interest rates than overseas
> borrowers and we run the risk of overseas investors one day bailing on
> our economy."
>
> Senator Milne said Australia's oil import bill is likely to get worse.
> Geoscience Australia's chief petroleum engineer, Denis Wright, says
> without significant new discoveries Australia has only seven years of
> crude oil left at current extraction rates, while the Australian
> Petroleum Exploration and Production Association believes within 10
> years Australia's oil self-sufficiency will fall from 75% to no more
> than 50%, widening Australia's trade deficit by about $30 billion per
> year.
>
> "The Howard government has no idea how Australia will climb out of its
> oil import mess," Senator Milne said.
>
> "The Swedish government has set a goal of being oil-free by 2020; so
> should the Australian government. We need to give top priority to
> government support for biofuels development, more public transport and
> rail freight, promotion of hybrid and electric cars as well as  
> hydrogen
> fuel-cell development. That's the only way we'll get the oil import
> monkey off our backs."
>
> Contact: Katrina Willis 03 6234 4566 or 0437 587 562
>
>
>
>
> Katrina Willis
> Adviser
> Senator Christine Milne
> Phone 03 6234 4566
> Fax 03 6234 2144
> Mobile 0437 587 562
> www.christinemilne.org.au
>
> --
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