<
https://reneweconomy.com.au/threat-of-new-global-energy-crisis-makes-it-more-urgent-than-ever-to-electrify-everything/>
"The escalating and persistent tensions in the Middle East, and volatile oil
and gas prices has once again underlined Australia’s vulnerability because of
its high reliance on imported oil products as well as the strong linkage
between domestic and international energy prices.
Australia currently imports around 90% of its oil requirements. Imports of oil
products increased ten-fold between 2000 and 2023, as Australia’s own
production declined.
Australia spent more than $A55 billion on petroleum product imports in 2024,
with the annual bill reaching $A65 billion in 2022 following the invasion of
Ukraine.
With very thin stockpiles, Australia doesn’t have much of a buffer against
global oil price volatility. Australia currently holds only 31 days of petrol
stocks, and as low as 26 days of diesel stock.
Having less than a month’s supply of diesel is of particular concern because
more than half of Australia’s daily oil product consumption is diesel. This is
well below the International Energy Agency (IEA)’s recommended level of 90 days
of stocks."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
