On Wednesday, the government announced it would spend $94 million to boost current crude oil supply levels which will be stored in the United States. Mr Taylor said Australia is a “significant consumer of liquid fuels” and demand is particularly high among farming and mining operations and commuters across the country. There have been disruptions to the supply chain in the past which meant “we did not have the reliable supply we needed,” he told Sky news host Paul Murray.
“Putting this strategic reserve in place will ensure we will have that supply when we really need it” at a price “which will provide value for taxpayers”. Previously a number of Australian politicians were concerned by reports Australia had only 30 days worth of oil in strategic reserves.
Source: Energy Industry News (energyindustrynews.net)
The whole idea of buying something while its cheap only to be sold later is to ensure that cheap oil prices will not happen. Its economics 1010. The 'enormous opportunity' is too maximise oil prices for more tax & profits
From little things. Well overdue. As safe a place as any . Will take two year to get the storage facilities built in Aus.
Where are we going to store it all
I guess now is as good a time as 10 years ago
If it’s not in Australia it’s not a strategic reserve.
And where are you going to store it and refine it?
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