I doubt it is going to impact present pump fuel prices, other than a possibility they may go up to help pay for the costs of establishing the reserve.
If only there was somewhere to store it all? Anyone got room in their backyard for 100million 205l drums of refined product?
Note:
Best done as crude rather than refined product. It is possible, site dependant to refill underground space left from prior oil extraction. Australia has also reduced it’s refinery capacity, as noted in the article. Did they mention how much we might need to store in the news item? A second question unanswered is who is going to fund the costs of transport and storage. The consumer after the event, the tax payer up front, or the oil companies? If it’s strategic the answer will be the tax payer in the long run.
It remains a great thought. You can only ask why it didn’t come with some more complete informed analysis. The ABC is tight for cash, might be a part answer.
We are also free to consider how important this is short term, when the world energy market and Australia’s needs are to move away from hydrocarbon fuels.
