@DrewPavlou Thats all a bit sensational Drew. but you are not wrong. We are where we are due to 40 years of policy decisions from both parties. Your solutions are spot on but we need to get thru this crisis now and our gov cant even manage the short term.
How Australia dismantled its fuel independence even though we sit on some of the largest oil and gas reserves on the planet.
Full breakdown:
https://t.co/m9e5inI5gC
Australia has abundant oil reserves, a functioning refining industry, domestic crude production, and full IEA membership.
But our fuel prices just ranked among the highest rises in the world.
How did we get here?
It didn’t happen to us. We built it. Over 40 years.
🧵
Australia has abundant oil reserves, a functioning refining industry, domestic crude production, and full IEA membership.
But our fuel prices just ranked among the highest rises in the world.
How did we get here?
It didn’t happen to us. We built it. Over 40 years.
🧵
Australia has abundant oil reserves, a functioning refining industry, domestic crude production, and full IEA membership.
But our fuel prices just ranked among the highest rises in the world.
How did we get here?
It didn’t happen to us. We built it. Over 40 years.
🧵
Australia has abundant oil reserves, a functioning refining industry, domestic crude production, and full IEA membership.
But our fuel prices just ranked among the highest rises in the world.
How did we get here?
It didn’t happen to us. We built it. Over 40 years.
🧵
Australia has abundant oil reserves, a functioning refining industry, domestic crude production, and full IEA membership.
But our fuel prices just ranked among the highest rises in the world.
How did we get here?
It didn’t happen to us. We built it. Over 40 years.
🧵
Australia has abundant oil reserves, a functioning refining industry, domestic crude production, and full IEA membership.
But our fuel prices just ranked among the highest rises in the world.
How did we get here?
It didn’t happen to us. We built it. Over 40 years.
🧵
Australia has abundant oil reserves, a functioning refining industry, domestic crude production, and full IEA membership.
But our fuel prices just ranked among the highest rises in the world.
How did we get here?
It didn’t happen to us. We built it. Over 40 years.
🧵
Australia has abundant oil reserves, a functioning refining industry, domestic crude production, and full IEA membership.
But our fuel prices just ranked among the highest rises in the world.
How did we get here?
It didn’t happen to us. We built it. Over 40 years.
🧵
Australia has abundant oil reserves, a functioning refining industry, domestic crude production, and full IEA membership.
But our fuel prices just ranked among the highest rises in the world.
How did we get here?
It didn’t happen to us. We built it. Over 40 years.
🧵
Australia has abundant oil reserves, a functioning refining industry, domestic crude production, and full IEA membership.
But our fuel prices just ranked among the highest rises in the world.
How did we get here?
It didn’t happen to us. We built it. Over 40 years.
🧵
Australia has abundant oil reserves, a functioning refining industry, domestic crude production, and full IEA membership.
But our fuel prices just ranked among the highest rises in the world.
How did we get here?
It didn’t happen to us. We built it. Over 40 years.
🧵
South Australia may hold 200 billion barrels of shale oil and put us in the top 3 global producers
The refineries that could process it are closed
The policy to develop it doesn’t exist
Resource-rich AND Fuel-insecure
That’s not a market outcome
It’s a policy outcome
No single decision tied our prices to Singapore. It just drifted
Import parity. Export deregulation. Singapore benchmarks. ACCC sign-off
By the early 00s every Australian paid a price set overseas
We became a price-taker on the world’s most geopolitically exposed commodity
Between 2013 and 2021, six of Australia’s eight refineries closed.
Each closure was called a commercial matter. Governments didn't want to intervene.
Then in 2021, the Morrison Government, well, intervened and paid the last two to stay open.
Asian mega-refineries pay a 5–10% premium for our light and sweet crude.
Our refineries were built in the 50s for heavy crude. Retrofitting never made economic sense.
We exported our own oil and imported cheaper crude to run through ageing plants