FUEL PRICES… HOWARD’S LEGACY!
Wednesday, May 30th, 2007Australia’s economy is dependent on fuel, and fuel is the catalyst that dictates the cost of every single item derived from our primary and secondary industries, in addition to retail prices of imported goods.
With fuel prices predicted to reach, and possibly exceed, $1.50 per litre within weeks, the Federal Government MUST return to per-1998 legislation that guaranteed static fuel prices by mandatory justification by oil companies for any increases in prices regardless how small.
The ACCC had powers until 1998 to keep a check on petrol prices until the Howard government removed these powers and thus allowed the oil companies to embark on ’self-regulation’.
It would not be unreasonable to believe that even unelected bureaucrats, and their bean-counters, should know that ’self-regulation’ by multinational conglomerates, especially oil companies, not only wouldn’t work, but was the very recipe for Australia’s current fuel pricing disaster!
Perhaps it’s time for a Government established Fuel Prices Commission headed by an independent commissioner with a board consisting of one representative each from the government and the oil companies with the balance being consumer advocates.
There certainly is now an argument to nationalise Australia’s oil resources, which are after all… taxpayer-owned assets.
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