As world oil prices continue to rise, so the ramifications for Australians Nationwide will continue.
In early May of this year Australian petrol pumps were demanding an average of $1.47 a litre. This is distressing news for Australians as the pressures of rising inflation already affect living and mortgage costs. Goldman Sachs warns US oil prices could soon reach $US200, a barrel which would send Australian petrol prices to a colossal $2.00 a litre.
As these petrol prices rapidly increase, it only serves to put further pressures on Australians, especially those struggling to make ends meet with hiking mortgage interest rates. As Craig James form CommSec advised, “The tipping point now for consumers to again adjust their behaviour is $1.50 a litre.”
Petrol Prices contribute to National Debt
The petrol may just be the last grain of sand which will topple the scale in debt across the country. Heralded already as the ‘New Age of Debt’ more and more citizens are no longer able to sustain living costs, mortgages and transportation as a result of petrol hikes.