Kim Carr (Victoria, Australian Labor Party, Minister for Innovation, Industry, Science and Research) Share this | Hansard source

What Mr Ferguson has done is effectively represent the policies of the Australian government. In defence of Australian motorists, he has argued the case for why there ought to be increased pressure on oil prices. This is a part of a broader strategy being pursued by the Australian government to promote policies that encourage oil exploration in new frontiers; to produce more of our vast coal, gas and uranium resources; to accelerate the development and the deployment of renewable and clean energy technologies; to promote greater energy efficiency; and to build industry capabilities through education and training.

I will just say this to you, Senator Johnston. In my trips overseas, I was advised by United States energy officials that, between the point at which it leaves the Middle East and the point at which it arrives in the United States, the oil cargo of one vessel is being traded up to 16 times on the international speculative market. (Time expired)