Petrol prices are nearing record highs, and Kiwi households and business are starting to feel the pinch. Because our economy and transport sector is so reliant on oil, there are massive negative impacts every time the price spikes – in fact one analysis suggests that we go into a recession every time petrol goes over $1.80 a litre. We can expect on-going price spikes in the future, as the world’s reserves of cheap oil are dwindling and political instability in oil producing nations threatens supply on the world market.

In this week’s podcast, Green MPs Gareth Hughes and Kevin Hague about the significance of high oil prices to New Zealand, including lessons from the oil shocks of the 70s, and how Finance Minister Bill English thinks it’s a virtue not to have a plan to reduce our vulnerability to high oil prices.

You can listen or download the podcast here: http://www.greens.org.nz/audio/pain-pump

• Scoop Audio: - Pain at the pump -- Green Party Podcast 18 March 2011

ENDS

© Scoop Media