Australia’s energy vulnerability is 20 years in the making

Despite Australia’s geographical isolation, its fuel reserves are extraordinarily low by international standards, averaging approximately 30 days’ worth of petrol, diesel, and aviation fuel. Worse, around 90% of Australia’s refined fuels are imported.

The International Energy Agency (IEA) mandates that members maintain 90 days of net crude reserves. However, at around 30 days, Australia’s fuel storage levels are nowhere near meeting this requirement.

Australia’s capacity to refine crude oil domestically has been gutted. In the early 2000s, Australia had seven domestic fuel refineries that could process oil into petrol, diesel and aviation fuel. Now, Australia only has two refineries.