Sunday 5th of July 2009
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petrol heads .....

petrol heads .....

Federal Liberal frontbencher Joe Hockey says petrol prices will always be lower under a Coalition government.

Mr Hockey says Opposition Leader Brendan Nelson's pledge to cut fuel excise by five cents a litre will guarantee lower prices for motorists. 

'Five cents a litre is important when it comes to petrol prices for Australians,' he told ABC 1's Insiders program this morning. 

'We can legitimately and will run the line that petrol will always be cheaper under the Coalition than it will be under the Labor Party. 

'We're not going to watch fuel prices, we're going to do something about them.' 

Labor has criticised Dr Nelson's excise plan, but has now confirmed its tax review will investigate whether the GST charged on top of the petrol excise should be scrapped. 

Petrol Will Always Be Cheaper Under Coalition: Hockey

sniffing petrol?...

Oil hits record high despite 'Saudi pledge'

Crude oil has rocketed to a record high of almost $US140 a barrel despite news that Saudi Arabia is ready to raise output to help cool soaring energy costs for consumers.

New York main oil futures contract, light sweet crude for July delivery reached $US139.89, beating its all-time high of $US139.12 recorded on June 6.

New York's main contract later pulled back to stand at $US138.60, which was still a gain of $3.74 compared to Friday's closing level.

Meanwhile Brent North Sea crude for August delivery struck a life-time high of $US139.32 on Monday (local time). Later, in afternoon London trading, Brent was at $US138.21, up $3.10..

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Rudd and Bush "pleaded" with the Saudis to output more oil... The opposition here said this "demand" was contrary to market forces "philosophy" or such. The Saudis seeing some ill-wind in the horizon agree to the request "in a few weeks" and the price still goes through the roof...

Are the traders sniffing petrol fumes?... Sure.