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Copeland continues to call for oil price review

Gordon Copeland Press Release
For Immediate Release
Tuesday, 17th June 2008

Copeland continues to call for oil price review

Independent MP Gordon Copeland, the Kiwi Party spokesperson on commerce, today said that he welcomes the Government’s announcement that independent consultants Hale and Twomey have been engaged to undertake a review of petrol prices.

“I called for such a review way back on 9 May and on 12 May, as a former executive with BP, issued a further statement signalling that real questions need to be asked about the behaviour of the international oil companies during recent months,” said Mr Copeland.

“The behaviour of the oil giants affects the world price of oil which, in turn, sets the price at the pump here in New Zealand. Accordingly, although the Government’s review needs to be progressed, we also, as a nation, need to raise our voice in international forums demanding a closer look at the actions of the international oil giants.”

“We should not accept that whilst families, airlines, and transport companies all over the world are brought to their knees, that it is ok, for companies such as Shell to post profits in the region of $50 billion per year.”

“In my view the conduct, both of many of the oil speculators who have entered the market, particularly those who never intend to buy or sell a single barrel of oil and the actions of the oil companies are unconscionable in the current circumstances.”

“New Zealand needs to call for an end to speculative activity in oil futures and join other nations in demanding an international inquiry into the action of the oil giants.”

“Meantime, I will send a copy of my 12 May press release on to Hale and Twomey.”

ENDS

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