Mick, you’re confusing oil needs and reserves with fuel production.
It doesn’t matter one iota how much oil we have, we will always import 91% or more of our FUEL supplies (mostly from Singapore, who have zero oil reserves but efficient, up-to-date refineries) while the situation remains that greenies prevent companies building refineries locally. There is no excess refinery capacity in Oz, and with BP’s Brisbane refinery closing, the situation is even worse.
If we hit a Ghawar tomorrow, we’d still be importing all our fuel ten years later.
You obviously haven’t heard the conundrum about all our oil reserves being in the Bass Strait, the Timor Sea and various basins in NT, WA and SA – when all the dipsticks are in Canberra?
