Australia looks to access US fuel reserves to shore up supplies amid Persian Gulf tensions

Australia looks to access US fuel reserves to shore up supplies amid Persian Gulf tensions, by Jane Norman.

Australia is eyeing off the United States’ tightly guarded fuel reserve as it seeks to overcome having less than a third of the stocks it should. …

As David Archibald has pointed out several times on this blog:

Australia holds just 28 days’ worth of fuel imports, well below the 90-day minimum required under international agreements.

Rather than buying and storing the required amount of petroleum domestically, Defence Minister Linda Reynolds said Australia was seeking to access America’s emergency supplies. …

Australia’s four oil refineries produce about half of the country’s transport needs, which means the other half comes via shipments from the Middle East and Asia.

The reliance on imports means Australia would face serious consequences if there was any disruption to those shipments. …

Australia’s reliant on traffic through the Strait of Hormuz for a percentage of our oil supply, so we’re doing everything that we can do be a good government and be prudent to ensure a continuity of supply,” she said.

Fools.

hat-tip Charles