/ 18 May 2021

Help to keep the tank full

Efforts to keep Australia’s last 2 oil refineries up and running until at least 2027 has received a taxpayer-funded $2.3 billion boost. Australia is signed up to an agreement that says nations should have 90-days of fuel reserves, but Oz currently has 30 days worth. It’s a situation that has worsened as onshore oil refineries closed their doors in recent years due to increased competition from new mega-refineries in Asia and ageing infrastructure. Storage is also in short supply. The last 2 standing refineries are in Geelong and Brisbane, but both posted multimillion-dollar losses last year. “Shoring up our fuel security means protecting 1,250 jobs, giving certainty to key industries, and bolstering our national security,” PM Morrison said yesterday. The package also includes $302 million to improve Australia’s fuel quality, which ranks among the worst in the world.

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