The Federal Government will spend $94 million on a fuel reserve to bolster the national stockpile.
"We have full storages here in Australia, but in time we are exploring opportunities with the industry to establish local storage," he said.Mr Taylor said the reserve was to ensure Australia had enough fuel in case of future"global disruptions". "I signed an agreement with the United States to access their reserves, simply because we don't have the storage space here in Australia right now," Mr Taylor said.
Wondering how much per barrel we paid?
So it is ok for the government to stockpile oil but not ok for Australians to stockpile toilet paper. Please explain Mr PM
How much will that cost? Storage can be expensive.
What mental midget thought up this idea If we pay for it store it here otherwise you risk it being confiscated by the govt where it is being stored, particularly if that country has a shortage.
94m? Far from enough to save Trump’s pals in US Big Oils.
Ridiculous! Only an inept government could do this.
Ummmm - isn’t that the wrong country? Youz journalists are always getting stuff wrong!
Once upon a time we used to laugh at America. Now they are laughing at us.
I think we just gave the yanks $94m as a present.
Lol Angus Watergate Taylor has scammed us again!
Why can’t Australia be self sufficient? First the LNP sell out water when parts of the country is in drought. Then they buy it back at a higher cost! Now they want to store our fuel in another country far away from our reach? Serious we need to get rid of this government quickly!
Put stockpile in Australia = Jobs ScottMorrisonMP come on smarter thinking needed now auspol
Great. Hypothetical: War breaks out Australia asks for access to its fuel USA (Trump) - Sorry, America First Anyone think that's far fetched?
Uummm... just a LITTLE point... shouldn't an Australian fuel reserve ACTUALLY be in Australia? Asking for a friend whose concerned our gumbie politicians are more about appearance than substance... I couldn't think of a GOOD argument to support it, but IT LEAST IT'S A START!
Good luck with that
Great... Good luck keeping it
Why are Feds relying on private operators so much. Only Caltex has refining facilities in Australia and they were a subject of a takeover until recently. Build the storage as a strategic national resource. Refinement can be done by the private sector.
That $94 mil could be worth $47 mil next week if prices do not recover
Angus, please assure us that this stockpile of fuel will now be shipped to Australia.
Looking towards a sustainable future as always 🙄
HAHAHA we are buying from overseas and yet we have our own oil that is shipped overseas for refinement, just another cheap arse scam brought to you by the overseas department of tax-haven money, why would you want australian jobs when this can be done cheaper
Were supposed to have 90days of fuel,we have a few weeks worth
That would be enough to build an EV charging network to cover the entire country, allowing everyone to drive EVS everywhere and never end another drop of foreign oil ever again. freedom clean better!
Water that we paid $80m for .. vanishes.. oil that we will pay $94m .. stashed in another country .. oh what great idea!! We will never see that oil - never
Bet that was the brainless Taylor Idearto stock pile it in the USA
AngusTaylorMP
Haven’t we just learnt not to depend on off shore supply’s. apparently not. Build storage & jobs here.
They should be paying us to take it off their hands!! Isn’t oil $$ in minus? Why spend $94 million on storage FFS
AngusTaylorMP
Why no one here cares about the actual price paid per barrel? Storage fee per barrel per month?
This announcement by AngusTaylorMP is the latest admission of failure by the LNP gov't. NSW liberal gov't will import foreign and Australian LNG gas. Our land is girt by oil and gas and we can't supply ourselves with either. ThisIsWhatWeVotedFor
how does a fuel stockpile on the other side of the world help us exactly? We should be stocking up big locally at times of record low prices.
What kind of rort is this? So we're helping to bail out US oil companies now.
You can store it in Canberra, plenty of unused space.
Surely, this is not right ?ScottMorrisonMP
For a country that NEEDS trucks to function, 90 days of fuel storage should always be held on Australian shores at strategic locations. Our natural disasters (pandemics aside) require this forethought. None of these pollies were ever scouts or they’d have been prepared.
First intelligent thing that governments done in forever. Now how about taxing companies that don't pay tax and yet want handouts every 5 minutes a problem happens...
? How does this meet our access and obligations?
This is a pretty good idea, by the sounds of it.
It won't be stored anywhere, it's just pre-paying for use down the track. The US are not going to pour our supply into a tank and leave it there.
AUSTRALIA SHOULD KEEP THE RESERVES HERE!
Hope the purchased at -$40 a barrel
Great idea makesSense
Giving $100m away more like it. Until and a big IF the product is received the US will use the money as a gift.
'The storage costs are small compared to the fuel cost.' Bullshit - that’s the problem!!!
I like the idea of a Fuel Reserve - but why in the US?
Some of the comments here blow me away. It’s like this children, we don’t have storage capacity to hold $94m of fuel. We can’t build storage fast enough to store it either. It’s like storing something in ya mates shed while you don’t have the space. Then you go get it later.
This was a sales call from Trump after his promise earlier to bail out the oil companies. Calls to Morrison and Boris so no doubt both sucked in. Disgusting.
Brilliant. The government is actually capable of making sharp, swift decisions for the future and optimise a rare opportunity. Treated Virgin superbly too. Only when it comes to removing PLANdemic lockdowns, the government starts acting stupid & cowardly. I just don't get it.
Why can't we build our own facility here? FinancialReview Oil
For those asking why the federal reserve isn’t held in Australia. It’s a simple strategy focused around continuity. This ensures reserves aren’t only held in Australia but with an Australian ally. Buying cheap now, allows Australia to begin its strategic fuel reserves now.
Should be stored here. What's the point of it being in the US?
Why do I think that Angus is looking for $94Million dollars for his Caymans Bank Account?
What am I missing? There has to be a very big piece of this jigsaw I've dropped on the floor and it's rolled away under the cabinet near the sink because I don't get it.
The fuel reserve should be in Aus, as an island nation we may not be able to access an overseas reserve in a time of need.
...in the US. *facepalm*
Why does this feel dodgy? Is it the timing after Scott Morrison's 'matey' chat with Trump?
aussiejackie Wankers
AlboMP why are we sending America $94 million when we could stockpile here? Or... why can’t we stockpile here? auspol OilCrash
What is the storage cost?
About time. An incredible situation where a country only has 25 days of fuel reserves and relies on open shipping for supplies. Caltex refines fuel in Qld but that company was the subject of a takeover recently which has now discontinued. Putting refining in overseas hands.
Us? Build some storage in Aus would be better and provide two benefits. Building stimulus and on site in Aus strategic supply. Now is the time to do it.
Because the Clever Country was too challenged to make storage tanks.
$94 million? uh, but the price of oil has gone into the negative.
What? Our federal government? That’s Bollocks. Why not here? I don’t trust the MAGA team.
Our Government is a Full Blown Corporatocracy, but yet we are told to hate Socialism
Why in the f*cking US? What shitty little deal did ScottyFomMarketing do with TrumpIsTheWORSTPresidentEVER when he spoke to him on the phone? auspol OilCrash
Isn’t this what the Soviet satellites did in the 70s?