Latest government figures show Australia has just 22 days supply of crude oil, 59 days of LPG, 20 days of petrol, 19 days of aviation fuel and 21 days of diesel.
Overall, the country has just 49.6 days of net coverage which is well below the 90 day supply Australia and other nations agreed to store under an agreement with the International Energy Agency.
The last National Energy Security Assessment was in 2011, when Australian reserves were well above the 90 day requirement.
"With the supply and demand dynamics of global energy markets changing rapidly and nearly a decade since the last National Energy Security Assessment, the time is right to relook at and rethink Australia’s fuel security," Mr Frydenberg said.
KIP BUL WONT BE LEFT OUT IN THE COLD TOO LONG ME THINKS...Australia has to shore up more Resources if it’s own Cheers....
BUL Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
