Here's an interesting one.

From Auntie

The important points: a bloke from CommSec says, "the simple fact is that the world is running out of oil", and the ABS tells us that May imports of petrol are down 28% on last year.

Whether this will continue remains to be seen, but it's interesting nonetheless.

Oil imports fall as drivers change road behaviour

Figures suggest the rising cost of motoring is forcing people to drive less.

The rising cost of fuel is forcing drivers to find more fuel-efficient modes of transport or go off the road altogether, according to the latest petroleum import figures.

The fall in petroleum imports is paralleled by other trends, such as growing demand for smaller vehicles, hybrids and gas-powered engines, and growing numbers opting to catch or train or take a bus.

The figures from the Australian Bureau of Statistics indicate that the rising cost of motoring is forcing people to drive less and use more fuel-efficient vehicles.

Petroleum imports in May were 28 per cent lower than a year earlier, casting doubt on the long-held view that Australians are unable to kick their "addiction" to fuel-guzzling cars.

The broad numbers include a category that breaks down petroleum imports by litres, to control for price effects.

Economist Craig James from CommSec told ABC Radio's PM program the latest falls are dramatic, even though oil imports have been slowing for six months.

"What we saw in May is that the amount of petroleum that we've imported is 28 per cent lower than what it was a year ago," he said.

"This is the biggest fall that we've seen in over four years, and it certainly shows that the higher prices are having an impact on people's behaviours."

He said the figures disabuse people of the notion that demand for petrol was non-elastic and that people kept on demanding petrol no matter what the price.

He said that confirms a basic rule of economics; that prices influence behaviour.

"It certainly has hit people right squarely between the eyes this time around," he said.

"Most consumers, motorists would have been used to seeing $1.40 at the petrol sign boards, but all of a sudden it becomes a $1.50 or $1.55.

"When you fill up your car it costs you maybe $110 instead of $90 or $100, and you know you have to make major changes to your behaviour or otherwise it's going to have a big impact on your lifestyle."

He says the tipping point with petrol prices has not quite been reached.

"Certainly for now we do know that people get used to a certain price over time and it may be the case that we're just seeing the knee-jerk reaction," he said.

"But if we do see the price of petrol continuing to rise then we're going to continue to see people changing their behaviour.

"Anecdotal evidence suggests that people are looking to public transport now, that they're using their cars less to go up to the shops to buy a litre of milk, whatever it happens to be.

"Even in terms of businesses they've clearly got to adjust their behaviours, perhaps making sure that trucks and semi-trailers are well and truly full, and may be able to reduce the number of trips they make."

Environmental benefits

He says in a world choking on fossil fuel pollution, reducing vehicle use is not necessarily a bad thing.

"The simple fact is that the world is running out of oil. We're trying to develop alternatives, whether it's bio-fuels, whether it's hybrid vehicles or the like," he said.

"Prices are going to rise over time and people have to adjust to it.

"If you have the Government providing incentives, giving money back through excise or whatever it happened to be, that might be nice in the short term but over time we are going to be paying more for our petrol and we need to be adapting to those higher prices."