We should be advocating that the Government takes over our oil refining, open up onshore production and stop the enormous drain on our trade balance.
http://theconversation.com/australia-imports-almost-all-of-its-oil-and-there-are-pitfalls-all-over-the-globe-97070Apart from the security risk in relying on omporting almost all our refined oil, we should be looking after Australian consumers first
because the oil cartel is ripping us off, IMO.
We switched from being a net exporter of oil in 1997 ( the year Little Johnie & Costello cut a deal with Big Oil and set our bouser
prices at Singaporean prices outside the jurisdiction of our ACCC). This indecent move by the new howard Government was, IMO,
payback for election funding because it happened within weeks of the new Government being elected.
Costello also sold our gold reserves for less than $300/Oz which was also a dud deal considering Gold is now over $2300 AUD/Oz.
Since the WIK decision in the early 90s there has been virtually onshore prospecting by the multinational oil companies; just offshore gas!
