Running a modern economy on a month’s spare fuel is a gamble
The current policy settings may have worked during a more benign era of globalisation. But just-in-time supply chains risk arriving too little and too late, if at all, in more unpredictable times.
Tehran’s vow to maintain its blockade of the world’s largest oil route if the attacks against its regime continue are an opportunity for the Albanese government to confront vulnerabilities in Australia’s fuel security and domestic stockpiles.
The limits of Australia’s strategy of importing over 90 per cent of refining oil products such as petrol and diesel are likely to be tested by the continuing closure of the Strait of Hormuz.
