In 1978, Australia produced 433,000 megalitres of crude oil while consuming 444,000ML, meaning Australia was 98 per cent self-sufficient in crude oil in 1978.
In 1978, the maximum petrol price in Australia was 21 cents per litre.
By contrast, Italians were paying 49 cents per litre, the French and Japanese were paying 44 cents per litre and consumers in the UK were paying 28 cents.
These prices represented the cost of producing the fuel locally.
Treasurer John Howard decided that this was a problem.
He proposed that Australia adopt “import parity pricing”, meaning local fuel prices would be set at what it costs to import fuel from overseas.
There were two shameless ulterior motives for this proposal: more taxation revenue for the government and more profits for the companies producing oil in Australia.
ESSO’s (Exxon-Mobile) Marlin oil rig in Bass Strait profited massively from this scam.
The Fraser Government rammed through John Howard’s parity pricing program in 1978, as an example of pure ideology, inducing the nation to act against its own interest.
It shows the extent to which the neoliberals went to invent twisted free-market rationales to justify their agendas.
Imagine a large island continent self-sufficient in oil and fuel, with gas prices much lower than the rest of the world.
Any law enacted by parliament can be abolished by parliament.
By continuing to vote for Labor, Liberals, Nationals, Greens or Teals, you are continuing to vote for your own destruction under the British debt financial system enforced upon Australia in September 1927 by the Bank of England’s Sir Ernest Harvey and The City of London Corporation.
Australia’s foreign debt reached crisis proportions.
According to Yale Global Online, by the end of March 2024, foreign debt was $1.2 trillion or 60 per cent of the nation’s Gross Domestic Product.
The cost of fuel and energy is the greatest input on production and, therefore, inflation and the cost of living.
You can thank the Liberal/National party coalition and John Howard for that.
Wake up now before it’s too late.
Change the way you vote, too.
A Post Office Bank and a National Infrastructure Bank for Peace and Prosperity — exactly what we had in 1912.
Jeff Davy | Numurkah
