Gas to fire economic recovery and capitalise on cheap oil prices

Energy Minister Angus Taylor wants Australia to capitalise on depressed global oil and gas markets to deliver cheap energy for industry and boost the strategic oil reserve during the coronavirus crisis.

The price of crude oil has plummeted, driven down by a price war among producing nations and coronavirus restrictions. The spot price for liquefied natural gas contracts is tied to the oil price and the gas market, a major energy source for Australian industry and manufacturing, has also seen price falls.

Mr Taylor told The Sydney Morning Herald and The Age the government was looking to invest in gas projects to provide more cheap energy, and indicated he would also snap up cheap oil to boost Australia’s strategic reserves.
"Global pressure on gas and oil prices provides us with an opportunity for strategic economic stimulus in Australia to aid the recovery," Mr Taylor said on Tuesday.
Mr Taylor has been working on plans to boost Australia’s liquid fuel security. In March he signed a memorandum of understanding to store reserves with the US government's emergency reserves to bolster Australia’s stockpile. The minister said the Morrison government would "take advantage of the historically low oil prices", negotiations with the US were "progressing well" and he expected them to be "finalised shortly".

disallowed/politics/federal/gas-to-fire-economic-recovery-and-capitalise-on-cheap-oil-prices-20200421-p54lw8.html

how is that gunna work?

Raider