Costello warns over high oil price
Federal Treasurer Peter Costello says the rising price of petrol is bad for the economy and difficult for consumers.
Petrol has reached $1.33 a litre this week, after supply fears pushed the price of crude oil to a new high.
In New York, crude oil futures touched $US70.85 a barrel before closing at $US69.81.
Mr Costello told Southern Cross Radio that higher output from oil producers is the best way to bring petrol prices down.
"I think we've got to raise our voice about OPEC and the production of oil," he said.
"If the world could get the production of oil increased, that would be the most concrete thing that could lead to a lowering of the petrol price," he said.
-ABC/Reuters
I think we've got to raise our voice about waste and the overconsumption of oil.
If the world could get the consumption of oil decreased, that would be the most concrete thing that could lead to successfully avoiding extinction by over-consumption...