maybe war is not imminent

Higher oil and fuel prices created by threat of war in Iraq seem irrational but must be filling the coffers of oil companies. Maybe war is not in the interests of GWB's oil lobby backers but threat of war is just great! Maybe, like the 70's oil shortage that was planned in Texas but blamed on the Saudis, the current raised oil prices are the short term end game.


Peak Tasmanian motoring body the RACT has called on Australia's competition watchdog to investigate soaring petrol prices.

RACT chief engineer Doug Ling says the stronger Australian dollar should be offsetting higher world oil prices.

On the New York Mercantile Exchange this morning, West Texas intermediate crude reached $US38 a barrel, a level not seen since 1991.

Mr Ling has urged the Australian Competition and Consumer Commission to investigate.

"We're also calling on the Federal Government to look at ways of giving back the windfall that they're now receiving from the increased petrol prices," he said.

"We believe they're getting about $410 million extra from the petroleum resource rent tax and about $220 million from the GST."