Quote:
But Mr Costello said Australia was now experiencing an oil crisis similar to what occurred in the 1970s, when soaring oil prices pushed up prices across the economy.
Mr Costello said he was confident businesses would continue to keep a lid on prices, but if they did not, there would be wider repercussions for the country.
"We have to be absolutely vigilant that this oil shock does not set off a wave of inflation because if it did we would all be punished a second time," he said.
"Not just punished at the bowser but punished a second time with inflation and the commensurate monetary policy response."
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Another load of political doublespeak; He's confident things will be OK but he's scared things will get bad.
In the U.S. there are still plenty of people wasting gasoline who need to be encouraged to change their ways.
I do believe there are fewer people driving past my house than in the past and I like it that way.
I'm certainly driving and riding less; $12.25 just to fill my motorcycle tank. I skipped my ritual springtime dayride this year and started spending more time on my mountain bike; 17 miles yesterday.
I've been waiting for the diesel pickup I ordered and hoping I get it before GM goes out of business. Then I'll get a second heating oil tank and be ready for any shortages of diesel fuel.
Intelligent people will learn how to cope, idiots will just bitch and moan.