A siphon for petrol price pain

Petrol prices will continue to swell and Australians are naturally troubled. But put in the context of inflation and rising incomes, the strain's not as bad as it seems.

This morning the price of West Texas Intermediate oil is at a 14-month high above $US101 a barrel. At the same time, the Australian dollar is floundering near a three-year low of $US0.9060, which means that the Australian dollar price of oil is rocketing higher.

Already we have seen the price of petrol in Australia rising and it is set to increase further. There is near consternation with TV news, newspaper and online news services giving the “pain at the petrol pump” stories top billing.

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