Senator Joyce said this morning “in the current light of oil prices approaching $100/ barrel, the ongoing debate on carbon emissions and renewable fuels leaves most to wonder why ethanol and bio-diesel do not feature more prominently in the debate. The discussions on renewables such as solar, wind and thermal energy sources are in abundance, but I am trying to work out which one of these products I will use to fill up the car in my garage.
“The power of the oil lobby, it seems, is so strong that it has managed to distract the debate on renewables away from any form that impinges on their share in the energy market. Whilst in parliament I suggested that oil could go to $100/ barrel, this was also discussed in my economic committee work into oil supply and availability. My analysis was roundly criticised. The only thing I got wrong however was how quickly the price has reached $100/barrel. I do not wish to gloat but it is incumbent upon most politicians to bring attention to the fact that oil prices worldwide are skyrocketing, to get this unpleasant truth into the public domain and get the issue dealt with.
“Australia must deal with the realities of the world oil market and develop an alternative product to maintain its agricultural and industrial capability. We should use this period of grace of our appreciated dollar to get a bio-renewable fuel industry well and truly established. Once oil breaks through $100/barrel it will not stop. It will keep going and when the dollar devalues, the Australian motorist could be faced with the daunting prospect of being unable to properly afford a combustible product to drive the internal combustible engines that resides under the bonnet of their cars.
“A mandate for ethanol and the extensive development of the bio-diesel industry should be at the forefront of the current political debate yet it has not even rated a mention and the question is why? Is there an industry based around an alterative product that you can use in your current motor vehicle to alleviate the cost of oil based fuel? This is a question about the future for every Australian voter at this election. Who will develop the product that allows the Australian motorist to keep driving?” Senator Joyce said.