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Vaile's ethanol call waster on oil companies.

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Vailes ethanol call wasted on oil companies

21 June, 2005

The Member for Kennedy Bob Katter said the oil price surge to a record breaking US$59.18 a barrel last night proves the Minister for Trade, Mark Vaile’s plea for oil companies to take the lead on ethanol production will fall on deaf ears.

He said it was Government’s responsibility to alter fuel policy and to step away from the tax windfall that accompanies high fuel prices.

Mr Katter re-emphasised that mandating ethanol in petrol is the only surety that will encourage growers, millers, distillers and distributors to fully support what is potentially a $3000m/year new industry.

Mr Katter said Mr Vale’s comments proves the Government reluctance to understand and embrace a new fuel policy in an era where countries are capping marginal wells to conserve oil stocks and mandating ethanol.

Australia, to date self sufficient in oil, is in desperate trouble. By 2010 Australia will have to find an extra $12b/year to buy over 50% of our oil from overseas.