Martin Ferguson (Batman, Australian Labor Party, Minister for Resources and Energy) Share this | Hansard source

The facts show that last week the world benchmark West Texas crude oil price hit US$135 per barrel. It is interesting to note that this means that the benchmark price of crude has more than doubled in the last 12 months. You are also no doubt aware—and it obviously crosses the member for Mayo’s mind from time to time—that the price of crude oil has increased by more than 400 per cent since the Iraq war. It is for those very reasons that the government has been doing everything possible to actually try and work out not only the best possible response in terms of consumers’ immediate demands and challenges but also a medium- to long-term strategy, which goes to a very serious alternative fuel debate—

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