The Coalition will more than double Australia’s minimum fuel reserves to 60 days and deliver at least 1 billion litres of new storage through an $800 million Australian Fuel Security Facility, building long-term resilience against future supply shocks in Australia.
Shadow Assistant Minister for Energy Security and Federal Member for Groom, Garth Hamilton said the Coalition in government would lift the threshold amount of fuel held by industry in Australia’s fuel reserves through the Minimum Stockholding Obligation.
“In government the Liberals and Nationals would increase our fuel security to insulate against future shocks by increasing stocks of fuel beyond the current 30 days worth of reserves.
“It is critical that we give assurance to the supply chain, and we would back this in with a dedicated $800 million program to invest in new large-scale fuel storage projects across the nation.
“This crisis shows that all fuel types, especially diesel still has a significant role to play in our economy, and we should boost our capacity to have more fuel onshore.
Mr Hamilton said Australia could not keep hoping the lucky countries luck does not run out, and government needed to do the work to ensure we are ready.
“This is the plan that gets us to a position of self reliance. If the supply of fuel stops, our country stops it is really that simple. The Prime Minister should adopt this plan, today,” Mr Hamilton said.
“We are putting forward practical actions to make sure Australia is better prepared, because in this volatile world we never know when the next crisis will hit, or what it will be. Australia will need fossil fuels into the future to stand on our own two feet,” said Mr Hamilton.
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