Own Goal: Middle East war to hit oil price, so gas price, so electricity price - Michael West
michaelwest.com.au
Years of political and bureaucratic failure on fuel security is about to hit the cost of living for all Australians if Israel attacks Iran

In 2019, the Middle East supplied around 17% of Australia’s crude oil imports around 1% in refined products. However, the three largest suppliers to Australia of refined products, Singapore, South Korea and Japan, sourced 20, 35 and 44%, respectively, of their crude oil from Saudi Arabia and Iran.

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Australia is supposed to, by international agreement, have 90 days of petroleum reserves. Even using dodgy calculations by the Australian Government (the IEA does not accept them as proper), which includes in its reserves the fuel at sea on its way to Australia, our current reserves are 51 days.

Our real current reserve figures are at 31 days for petrol, 24 days for diesel (which keeps the country supplied with food and medicines) and 21 days for aviation fuel.

  • vividspecter@lemm.eeEnglish
    10·
    3 months ago

    Silver linings, but hopefully this pushes us further away from fossil fuel dependence and toward renewable energy, EVs, and public/active transport. The previous oil crises had people downsize from their absurdly large cars too.

          • zurohki@aussie.zoneEnglish
            1·
            2 months ago

            Ugh, hydrogen.

            Hydrogen vehicles are the magical combination of expensive to buy and expensive to run. They just get mothballed when trials are over and the funding runs out making the whole thing a waste of time and money.

            Battery electric vehicles are cheap to run so they get used for whatever workload they can do, even if they can’t do the most demanding jobs yet. BEV bus can’t do the longest route all day? Put it on a shorter one. It’ll get used for something.