What would happen if Australia ran out of fuel?‘The government needs to act on it very quickly.’4 min read

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As Aussies face fuel shortages and soaring costs at the bowser, the likelihood of the nation’s fuel supplies running out is not as far-fetched as it seemed just a month ago.US and Israeli attacks on ...

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The government has blamed panic buying for these shortages, however it looks like the crisis will get worse before it gets better, with six tankers that were scheduled to deliver oil to Australia in April cancelled or deferred.Know the news with the 7NEWS app: Download today ArrowThe world’s energy watchdog, the International Energy Agency (IEA), has advised member countries including Australia to take drastic measures to reduce the demand on oil. The 10 recommendations to governments include promoting working from home and car-sharing, lowering highway speed limits, boosting public transport, and reducing air travel.In order to relieve pressure, the government has already released up to 20 per cent of Australia’s diesel and fuel reserve supplies, and will temporarily lower fuel standards until the end of May.Prime Minister Anthony Albanese also announced a crackdown on petrol company price gouging with the appointment of a coordinator to oversee supply chains.Dr Lurion De Mello, Senior Lecturer of Applied Finance at Macquarie Business School told 7NEWS.com.au the government will need to take further action before fuel stocks begin to run out.“I think the government might have to step in and put in some restrictions on how often you’re allowed to drive,” he said. “You might have to have fuel rationing, you know, all these kinds of things will kick in.”Many fuel tankers have been unable to move through the Strait of Hormuz. Credit: AAPFuel rationing next on the cardsBe the first to know: Add 7NEWS as your preferred news source on GoogleMost of Australia’s fuel arrives after being refined in Asian countries such as China, Singapore, South Korea, Japan, India, Malaysia and Indonesia.Earlier this month, Reuters reported that China had effectively halted March exports of diesel, gasoline and jet fuel.“As soon as there’s some indication that there’s an export ban from one of our major importing countries, then that’s a sign for the government to start putting in fuel rationing,” De Mello said.“This can be based on number plates or they could create a QR code system like during COVID times.“They would have to think quickly and I hope they’re actually working on plan B already.“You can’t just start putting things into action when it’s already happened. Contingency measures have to be implemented.”Transport and supply chains will be some of the first things impacted if Australia runs out of fuel. Credit: CarExpert‘Dire situation’ if Australia runs out of fuelIf Australia was to run out of fuel altogether, the impact would likely trigger an economical and social crisis.“It’ll be a dire situation,” De Mello said.“When we talk about fuel, you know, we’ve got to think: Are we going to run out of gasoline for cars, are we going to run out of diesel, or are we going to be running out of jet fuel?”Transport and supply chains would be some of the first things affected, De Mello said, as much of Australia’s major transport relies on diesel, meaning travel and distributions of goods such as food and medicines would be majorly disrupted.Essential services including hospitals and ambulances would also be strained, along with any other industry that relies on diesel, such as farming.Economic impacts would be felt nationwide as other essentials, such as groceries and fresh produce, become increasingly more scarce and expensive.“Hopefully the government’s not asleep at the wheel like it has been with our fuel security,” De Mello said.Essential services, such as hospitals and ambulances, will be strained if Australia was to run out of fuel. Credit: DF DC/AAPIMAGEWake-up callDe Mello said he hopes the current fuel crisis is a wake-up call for the Australian government.“Hopefully the government wakes up and says ‘hang on if this happens again how can we keep sovereign capability?’ and I don’t think more refineries is the answer,” he said.Australia’s limited fuel refinery capabilities are old, expensive and less efficient than overseas refineries, according to De Mello.“Either we build more fuel storage in Australia or we get into some sort of a regional cooperation with another country and have some sort of agreement to store fuel or contribute in building a refinery.“Australia is an isolated country. It takes days, weeks to get goods to come to our shores. And it takes a while to export.“We have to maintain a better sovereign capability.”Jetstar cuts dozens of flights as fuel costs skyrocket1 min readBusinesses unleash over WFH suggestion to combat crisis: ‘No one has learned’2 min read","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}