Barrel of oil will reach $200 by the end of 2011

Cllr. Kenneth O'Flynn has called on the incoming government to take speedy action to reduce the duty on petrol, it is estimated by international economists including those at The Goldman Sachs Group, that the price of a barrel of oil will reach $200 by the end of 2011 and that petrol will be as high as €1.50 per litre.

Speaking to journalists, O’Flynn said that with the ever rising cost in fuel, logistic companies, travelling salespersons and people living in the commuter belt are; “going to be crucified by the cost of fuelling their vehicles which is not just detrimental to business in this country but also to families who are already suffering cuts in social welfare and elsewhere.”

Continuing the Northside Councillor said; “for the average family car doing 12,000 miles a year, a difference of 5c a litre would amount to €7.50 a month, or €90 a year.”

O’Flynn said he believes that the government, while they are intent on cosy sound bites in relation to the minimum wage and reducing the travel tax, it would be more beneficial if they would tackle the carbon tax, which he says has crippled business in Ireland and contributed to the rising cost of fuel.

Cllr. O’Flynn said that; "Every element of additional cost placed on working people means their buying power, their ability to support other initiatives, fades even more" and added that in the current climate the Carbon Tax has no policy justification.

The move by O’Flynn comes as hauliers threaten to stage a major blockade across the entire country if the new government does not address the price of fuel. Something that the Councillor says will be detrimental to the country if it occurs and that the incoming Taoiseach, Enda Kenny, needs to meet with representatives of the logistic industry in Ireland to see first hand how the rising fuel costs are affecting them adversely.