Albanese and Report 117 that went missing. By David Archibald.
Kim Beazley did well:
Australia’s political leaders have not always been such fools when it comes to liquid fuel security. In 2005, Kim Beazley, while Leader of the Federal Labor Opposition, asked, in an address to the Australian Institute of Company Directors,
As Australians queue for petrol at around $4.00, $5.00 potentially up to $10.00 a litre further down the track, the question will be: how did our government not see the writing on the wall?
Anthony Albanese was bad and dishonest:
Anthony Albanese provides a couple of examples of not seeing the writing. He was minister for transport in 2009, when the department’s research arm was about to release Report 117, which is 474 pages on the subject of long-term oil supply.
Albanese pulled the report just prior to printing. Another report on aircraft was relabelled as No 117, to bury the crime. At the time Gillard was bringing in her carbon tax, so a report saying that the real problem was the opposite would not have helped her. …

What did we miss out on, when denied the 474 pages of Report 117? This is summarised by this figure from page xxix:

That figure, made in 2009, is of world oil production from 1870 with a projection to 2100. It has world oil production falling out of bed right about now. As a civilisation, starting in 2009, we would have had to scramble hard to replace oil in the economy while maintaining our standard of living. Starting that process 20 years later will make the process harder. That is the consequence of Albanese’s judgement.
Angus Taylor was just as bad and evasive:
What about the alternative to Albanese, the current Leader of the Opposition, Angus Taylor? Mr Taylor was Minister for Energy from 28th August, 2018 to 23rd May, 2022. He talked a big game on energy security, but in the end he did the opposite. Being in contempt of its own voter base, the Morrison regime bought some oil to be a strategic reserve but didn’t tell the Australian public the quantum involved. It was a token effort to shut up its supporters.
To make things worse, it was stored in the salt caverns of the US Strategic Petroleum Reserve in Louisiana. We didn’t find out how much was involved until later, after it had been sold. In one of his last acts as Energy Minister, Angus Taylor sold the whole of our strategic oil reserve of 1.7 million barrels in March, 2022. That amount of oil would have lasted us 1.7 days, if it ever made it to Australia.
So what now?
By their fruits you shall know them — Albanese and Taylor are worse than useless on energy security. They have been deceptive and in contempt of the Australian public. We need someone else to lead us.
How much do we need to spend to have some security? In 2023, the Ampol Lytton refinery in Brisbane awarded a contract to design and build a new 31 meter diameter, 20 meter high jet fuel storage tank for $9.3 million. That works out to $103 per barrel of storage capacity, which is $0.65 per litre.
A good start, proportional to Japan’s 470 million barrels, would be a strategic reserve of 100 million barrels. The tankage for that would cost $10.3 billion. To fill it at the current Brent price of US$112.82 per barrel would be a further $16.1 billion. The total of $26.4 billion is significantly less than what we are currently spending each year on the NDIS. No more need be said about affordability — just reallocate from the NDIS. We need to start a bidding ware amongst the political parties about the size of the fuel stock they promise to build.
Everything looks cheap next to the fraud-ridden NDIS.

















