“The $10 Billion Bombshell!” Albanese Shocks Nation With Massive Emergency Fuel Reserve Panic!
Prime Minister Anthony Albanese announces $10 billion package to boost minimum stockpiles on all types of fuel
Australia will spend $10 billion to boost its minimum stockpiles on all types of fuel and establish a permanent fuel and fertiliser reserve, Prime Minister Anthony Albanese said on Wednesday.
Prime Minister Anthony Albanese has announced Australia will spend $10 billion to boost its minimum stockpiles on all types of fuel.
The country is currently operating at Level Two of the National Fuel Security Plan, which asks people only to buy the fuel they need.
The Strait of Hormuz has been virtually shut since the US-Iran conflict began, blocking some 20 per cent of world oil supplies and triggering a global energy crisis.
Australia, which imports about 80 per cent of its fuel, has experienced localised shortages since the start of the conflict in the Middle East.
Mr Albanese on Wednesday announced a $10 billion package to boost its minimum stockpiles on all types of fuel and establish a permanent fuel and fertiliser reserve.
The reserve of about one billion litres will ensure Australia holds at least 50 days of fuel onshore.
“As part of our plan to deliver energy sovereignty, our Australian Fuel Security and Resilience package will comprise the following elements,” Mr Albanese said after a National Cabinet meeting.
“$7.5 billion for the establishment of a fuel and fertiliser security facility to increase supply and storage of fuel and fertiliser by providing financial support, including loans, equity, guarantees, insurance and price support.
“This is the work that’s taking place with Export Finance Australia that has enabled us to secure those additional cargoes, particularly of diesel and jet fuel, which has very much protected Australia’s interests.
“Secondly, $3.2 billion to establish a government-owned Australian fuel security reserve of around a billion litres to increase long-term diesel and aviation fuel supply and storage in combination with an increase to the minimum stock-holding obligation to increase Australia’s critical fuel reserves to 50 days.
“Now our fuel security reserve will focus on regional stock-outs and supply constraints for essential users in the event of another supply crisis.
“And lastly, the fourth element is $10 million to support feasibility studies into newer expanded fuel refining capabilities to be co-funded with state and territory jurisdictions.”
Diplomatic efforts to end the Middle East conflict have yet to yield results.
US and Iranian officials have held one round of face-to-face peace talks, but attempts to set up further meetings have failed.
On the domestic front, Mr Albanese’s management of the crisis has drawn criticism after he launched a social media campaign promoting his response.
A stylised video featuring Mr Albanese and Energy Minister Chris Bowen walking in slow motion was captioned: “We’re doing everything we can to help secure more fuel.”