Australia is establishing the first Government-owned oil reserves for domestic fuel security after years of campaigning from The Nationals.
We are taking advantage of low world oil prices to invest $94 million and boost the nation’s long-term fuel security.
At our 2018 Annual General Conference in Cowra, a motion to “hold in strategic reserves a minimum of 90 days of the previous year’s liquid energy consumption” was carried, and our Members of Parliament have argued the case for fuel security ever since.
In an interview with Sky News, Deputy Prime Minister and Nationals Leader Michael McCormack said his team had been “working very hard” to make it a reality.
“Our Government needs no encouragement when it comes to these sorts of things and indeed, we want to make sure that we’ve got those fuel stocks,” Mr McCormack said.
“We’ve all discussed the fact that with the oil prices so low (this is) exactly what we should be doing.”
This work is a down payment on a stronger and more secure fuel supply for Australian households, motorists, industry and the national economy.
Part of the long-term fuel strategy will include a deal with the United States to store Australian Government owned crude oil in the US Strategic Petroleum Reserve.
The Government is also working with the private sector to consider options for improving domestic fuel security, and with refineries on temporary measures to ease the stockpiles of jet fuel by amending fuel standards.
Australians can be assured there is plenty of fuel in the country and we are extremely well placed to keep supplies flowing through the COVID-19 pandemic.