Australia ‘has just 68 days of oil reserves’

Posted at April 23, 2022 » By : » Categories : News » Comments Off on Australia ‘has just 68 days of oil reserves’

As governments around the world are struggling to secure energy supplies amid the gas crisis exacerbated by Russia’s invasion of Ukraine, Australia might face a fuel shortage soon.

New analysis by The Australia Institute demonstrates that the country only has 68 days of reserves under the International Energy Agency’s 90-day minimum stock requirement.

The public policy think tank suggests Australia is almost 91% reliant on foreign oil.

It is estimated that transport consumes more than three-quarters of liquid fuel and more than half of the country’s liquid fuel is consumed by road transport.

“Australia has a national security problem when it comes to transport fuels,” said Richie Merzian, Climate and Energy Director at The Australia Institute.

He continued: “It’s worrying that Australia is almost entirely reliant on foreign oil for fuel consumption leaving it ill-prepared to deal with international disruptions.”

Last month, the International Energy Agency revealed a plan which included emergency measures that could rapidly be implemented to help countries reduce the risk of an energy supply crunch.

A few weeks ago, the UK Government announced its Energy Security Strategy with a clear focus on the expansion of wind, solar and nuclear power capacity.

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