Media Statement

6 November, 2011

Plan for 4-6% less oil every year, says candidate

The New Economics Party believes that Government should involve the public in planning for a 4-6% reduction in oil use every year.

Laurence Boomert, the party’s candidate for Wellington Central, says we have to do this because the alternative is growing national debt, food riots and severe recession.

“The public needs to help decide how we are to adjust to a world with less oil every year. We need to do this as the world production of oil starts to decline relentlessly. We also need to do it to address climate change. It may be the people opt for petrol rationing, a lower speed limit on the road, to introduce a ‘cash for clunkers’ scheme or to voluntarily reduce air travel, he said.

“It is going to be painful, we will all have to sacrifice, but if we go on as we are the alternative is much worse. “

Boomert said growing national debt is a big worry. The Pre-election Fiscal Update assumed the price of oil would only rise to $93 by June 2016, but Treasury must be in la-la land.

Our oil exports cost a record $7.7 billion last year, an increase of 22%. If it keeps going at this rate our annual oil import bill will cost us soar to $25 billion by 2017. This is more than double what we currently spend on education. If we don’t watch our debt we will be another Greece.

Boomert said Britain's former chief scientist has attacked politicians and industry experts who have their "heads in the sand" over dwindling oil supplies and the same could be said for our politicians.

The longer we delay, the harder the brakes will have to be put on, he said.

ENDS

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