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The great Aussie fuel bludger is still paying $151 per barrel for Oman crude today and probably more, as it scavenges and scabs barrels wherever it can.
The government likes to trumpet the situation as some sort of success, but how can this be considered success when we are paying so much for our fuel? With an adequate national reserve, we could have avoided this price shock.
Bowen told parliament the government has secured six replacement tanker loads in the spot market, as well as an additional three.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.