Despite TV news and Prime Minister Scott Morrison explaining away the soaring price of fuel by blaming trade sanctions on Russia, on closer inspection Australia doesn’t even buy much oil or refined fuel from Russia. Hardly any at all actually, last year we purchased just 1.2% of our total oil from Russia.
20 years ago, Australia had eight refineries that met all of our domestic demand for refined fuel; 20 years ago we produced all of our own crude oil and made our own fuel.
Today, only two of these refineries remain and are barely producing anything at all, thanks to the work of our illustrious politicians our country has become entirely reliant on overseas imports for its fuel and completely exposed to global supply issues & market manipulation.
Australia does still produce some crude oil here, around 350 barrels a day at last count, but almost all of this is sold and exported overseas.
So now Australia gets most of its fuel from Asia, 25% from Singapore. The rest comes from South Korea, Malaysia, China, and a host of other nations including the US, Japan, and Thailand. But Russia is at the bottom of this list. Remember, last year only 1.2%.
How does this account for a 100% increase in fuel prices for workers?
Firstly, Australia is the only country in a 29-member International Energy Agency that has not fulfilled its obligation to hold at least a 90 day domestic supply of fuel.
Australia has no fuel reserves, if the boats stop coming, we run dry of fuel within a few weeks. Currently, Australia has about 21 days of diesel and 25 days of petrol if overseas supply is ceased.
So Australia pays more for oil & fuel simply because the global market can make us pay more. And international oligarchs are constantly trying to create more demand to accumulate more wealth and more power.
The National “wake up” of the work force after the “pandemic lockdowns” has created a huge demand for fuel in Australia, allowing overseas suppliers to drive up the price. They know we’ll pay it, because we need it.
So the fuel prices in Australia have almost nothing to do with Russia, the Prime Minister and TV news bureaucrats are lying to your faces again. It’s simply a supply and demand exploit, made possible by the sudden “release” of the workforce and revival of mass commuting after the “lockdowns” imposed by the government.
Russia is serving as a scapegoat, for politicians in Australia who want to shift the blame for the social & economic carnage they’ve created.
Jacqui McCarron
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