Australias emergency fuel reserves hit record low
The countdown to a national fuel crisis is intensifying following reports that Australia’s emergency fuel reserves have hit a record low.
Yahoo7 reports government figures have revealed Australia has just days of emergency stock amid turmoil in the region and the Middle East.
Fairfax Media reports the country only has a 22-day supply of crude oil, 59 days of LPG, 20 days of petrol, 19 days of aviation fuel and 21 days of diesel.
The International Energy Agency expects countries to keep a 90-day supply of fuel up their sleeve in case of an emergency, but Australia has just under 50 days.
In response to this data, Energy Minister Josh Frydenberg is expected to announce a review of Australian fuel reserves.
“With the supply and demand dynamics of global energy markets changing rapidly and nearly a decade since the last National Energy Security Assessment, the time is right to relook at and rethink Australia’s fuel security,” Mr Frydenberg told Fairfax.
Liberal MP Andrew Hastie said this puts Australia at risk.
“Our fuel stocks are well below the mandated 90 days… even New Zealand has greater fuel stocks than Australia,” Mr Hastie said.
“Fifty per cent of our imported diesel and sixty per cent of our jet fuel comes through the South China Sea.
“That leaves Australia very vulnerable to coercion through a disruption of our liquid fuel supply.”
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