Commodities
Albanese Unveils Plan for New Oil Refinery Amid Fuel Crisis
Prime Minister Anthony Albanese has launched plans for a new oil refinery in Western Australia as the nation grapples with fuel shortages. The move comes after the fragility of Australia's liquid fuel supplies was exposed by Donald Trump's war against Iran.
The feasibility study, which will be funded with $4 million, aims to determine whether constructing the facility is viable. The prime minister announced the plan during a visit to Karratha in Western Australia.
The new refinery is intended to address the nation's dependence on imported fuel and help meet growing energy demands. Australia's liquid fuel supplies were highlighted as an area of concern after Trump's military action against Iran disrupted global oil markets.