Australia Plans $7 Billion Fuel Stockpile

Australia’s government plans to spend A$10 billion, or $7 billion, on building its fuel stock to avoid future supply squeezes. The plans involve stocking up enough to cover at least 50 days of demand, Prime Minister Anthony Albanese said, as quoted by Reuters today.

This means a reserve of 264 million gallons, or about 6. 28 million barrels based on a conversion factor of 42 gallons to the barrel. “The federal budget next week will include an Australian fuel security and resilience package," Albanese told the media.