Fuel CRISIS: Australia to Run Out of Fuel in 43 Days Due to Syria Conflict – Read Why It Puts World Economy at Risk
Australia is to run out of fuel in a few months because of the Syria conflict, Daily Mail reports.
Source: Nocamels.com
In a nutshell
Australia will probably run out of fuel by the end of June as the war in Syria puts in danger all the oversee fuel storages. To be more precise, the countries hold 90 days worth of fuel supply and net imports, but Australia only has 43 days, The Australian reports.
This case is caused by the low oil reserves the dependence of Australia on imports, so the country is supposed to outsource its oil refining to the states like Singapore.
The Australian Strategic Policy Institute’s senior analyst on defence strategy and capability, Malcolm Davis, stated Australia is ‘one of the few countries in the world that does not take our energy security seriously.’
‘It would be a Mad Max world. Our society and our economy would begin to fall apart very quickly…everything depends on fuel to make an economy run,’ he added.
‘Instead of investing in refinement facilities here for refining fuel, the government has decided it’s cheaper to do it overseas,’ Davis said.
‘The price they pay for that in a crisis is that China can interrupt flow to Australia [from Singapore] relatively easy and our economy falls apart.’
New South Wales Liberal Senator Jim Molan agrees that there is a serious problem for Australia, ‘The way that we seem to get around this is that we buy credits overseas which ignores the entire problem.’
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