Wright predicts petrol will hit $8 a litre by 2018

(Friday 11 July 2008)

Dr John Wright from the CSIRO has warned the cost of petrol could rise to as high as $8 a litre in the next 10 years.

A new report by CSIRO finds that if oil production does not keep up with increasing demand prices will rise dramatically.

Dr Wright stated that the study also suggests such an oil shock would have a greater impact than a carbon emissions trading scheme.

"If we, for example, end up, as a result of an emissions trading scheme, (with the) price of carbon dioxide credit at something like $40 per tonne, which is probably reasonably likely, that would increase the price per litre of fuel by about 10 cents," he said.

(read the full story at http://www.abc.net.au/news/stories/2008/07/11/2300646.htm)

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