Hi Peter,
Our main problem is that we import a lot of petrol. It is primarily a refining capacity issue (we have closed many over the years).
If you look at the crack of Dorado crude (presentations), it wouldn't be suitable for the few Australian refiners,
The other problem for Australia (to the best of my limited knowledge) is that we don't have suitable places (i.e., salt dome structures, old/deleted oil fields?) to store oil.
We export oil to offshore refiners to be reimported back into Oz as petrol.
See USA SPR
https://www.energy.gov/fecm/strategic-petroleum-reserve-9
CVN Value and Share Price Catalysts, page-3
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