{"id":62745,"date":"2022-05-26T06:14:29","date_gmt":"2022-05-26T11:14:29","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62745"},"modified":"2022-05-26T06:14:29","modified_gmt":"2022-05-26T11:14:29","slug":"australian-fuel-import-bill-going-sky-high","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62745","title":{"rendered":"Australian fuel import bill going sky-high"},"content":{"rendered":"

Australian fuel import bill going sky-high<\/a><\/h3>\n
\n

In March 2022 Australia\u2019s petroleum product imports have reached almost AU$ 4 bn per month, an increase of 70% compared to December 2019.<\/p>\n

\"\"Fig 1: Petroleum product imports by volume (black lines) and value (brown line)<\/p>\n

\"\"Fig 2: Australian dollar to US$ exchange rate<\/p>\n

The Australian Dollar was also around 0.7 US$ in December 2019, just like in May 2022 so it was not the exchange rate which drove up the bill in that period. It is the closure of Australian refineries (caused by peak oil of international oil companies), the oil price and the competition for fuels on the Asian market.<\/p>\n

The Morrison government\u2019s election-opportunistic cut of fuel excise duty by 50% until Sep 2022 will of course not reduce this import burden on the balance of payments. Fuel imports are now 12% of goods and services imports:<\/p>\n

\"\"Fig 3: Goods and services debits (imports)
\nhttps:\/\/www.abs.gov.au\/statistics\/economy\/international-trade\/international-trade-goods-and-services-australia\/latest-release#goods-and-services-debits-imports-seasonally-adjusted<\/a><\/p>\n

\"\"Fig 4: Diesel imports by volume and value<\/p>\n

\"\"Fig 5: Diesel imports by country<\/p>\n

Australia\u2019s dependency on China and a brand-new Chinese refinery in Brunei in the last years is clearly visible.<\/p>\n

\"\"Fig 6: Monthly diesel imports<\/p>\n

Imports change from month to month depending on the arrival of tankers. Diesel from China has been replaced by Diesel from India.<\/p>\n

\"\"Fig 7: Petrol imports by value and volume<\/p>\n

\"\"Fig 8: Petrol imports by country. Singapore now dominates<\/p>\n

\"\"Fig 9: Jet fuel imports by value and volume<\/p>\n

If jet fuel imports go back to their pre-Covid levels of, say, 600 ML\/month the jet fuel import bill will double to A$ 700\/month.<\/p>\n

Conclusion:<\/strong>\u00a0Australia must reduce its thirst for transport fuels. No new projects should be started which increase fuel consumption.<\/p>\n

Related posts:<\/p>\n

Australian Oil Stocks Consumption Cover
\n22 Mar 2022
\nhttps:\/\/crudeoilpeak.info\/australian-oil-stocks-consumption-cover<\/a><\/p>\n

9\/12\/2021
\nAustralia crude oil import vulnerabilities Sep 2021 data
\nhttp:\/\/crudeoilpeak.info\/australia-crude-oil-import-vulnerabilities-sep-2021-data<\/a><\/p>\n

15\/2\/2021
\nExxon-Mobil\u2019s refinery closure in Australia: peak oil context
\nhttps:\/\/crudeoilpeak.info\/exxon-mobils-refinery-closure-in-australia-peak-oil-context<\/a><\/p>\n

14\/11\/2020
\nAustralia\u2019s BP Kwinana refinery closure: peak oil context
\nhttps:\/\/crudeoilpeak.info\/australias-bp-kwinana-refinery-closure-peak-oil-context<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Australian fuel import bill going sky-high In March 2022 Australia\u2019s petroleum product imports have reached almost AU$ 4 bn per month, an increase of 70% compared to December 2019. Fig 1: Petroleum product imports by volume (black lines) and value (brown line) Fig 2: Australian dollar to US$ exchange rate The Australian Dollar was also […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[41,6292,1650,592],"class_list":["post-62745","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-australia","tag-crude-oil-peak","tag-oil-imports","tag-oil-price"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62745"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62745\/revisions"}],"predecessor-version":[{"id":62746,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62745\/revisions\/62746"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}