5 Oct 2017

Lack of refinement? No not in leadership, its about oil, stupid. Australia is living dangerously!

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Lack of refinement.

Its hard to believe that our government has allowed our refining capacity dwindle to this stage. Their blind belief that market forces can fix everything is to blame. 

Refinery closures coupled with growing demand for petroleum have increased Australia’s dependency on imported refined petroleum products.

The result, oil-dependent sectors such as transport, mining and agriculture are vulnerable to supply-chain interruptions or future oil-price spikes.

The situation is made worse by the fact that Australia is consistently the only International Energy Agency (IEA) member state that fails to maintain the mandated stockpile of 90 days’ worth of net oil imports.

Australia’s stockpiles stood at 57 days as of November 2013. The NRMA report estimates Australia’s in-country stockpile, which excludes shipments en route to Australia, at only 23 days.

With growing demand for liquid fuels and a continued “hands-off” approach from government, by 2030 Australia is on track to find itself with no refining capacity, less than 20 days’ worth of liquid fuel stocks, and entirely at the mercy of the international oil market.

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