Australia Seeks Oil Independence with New Refinery Feasibility Study

Australia's government has launched a feasibility study for an oil refinery that could strengthen the country's self-sufficiency in fuel supply, protecting it from potential future oil shocks.

The project aims to reduce Australia's reliance on imported fuels, which is currently around 90% of its transportation fuel supply. The country struggled to secure fuel and keep prices affordable after a fire broke out at one of the only two refineries in March and the Hormuz crisis led to increased demand for oil.

The government has secured additional diesel shipments from Brunei, South Korea, and China under its new Strategic Reserve powers, but this move is seen as a temporary solution rather than a long-term strategy. Prime Minister Anthony Albanese emphasized that a new refinery would make Australia less vulnerable to global events.