World is not about to run out of oil, according to Queensland’s new Minister for Sustainability Andrew McNamara

The world is not about to run out of oil, according to Queensland’s new Minister for Sustainability Andrew McNamara, reported The Courier Mail (15/9/2007, p.17).

Financial domino effect: He said the report commissioned by the Government on the looming peak oil crisis warns that rising oil prices will continue to fuel inflation and interest rates, placing further pressure on so-called “mortgage belt” families in out­lying suburbs. Not only will their cost of transport rise dramatically but so will mortgage repay­ments and the cost of food due to rising transport charges. McNamara said key State Govern­ment departments such as Primary In­dustries, Transport and Treasury are now undertaking more detailed modelling of the oil problem.

The Courier Mail, 15/9/2007, p. 17