Australia Boosts Fuel Reserves Amid Iran War

0:00It's April 23rd. This is Adelaide News today, powered by AI. I'm Cory with the story. Australia's beefing up its fuel reserves big time, as this U.S.-led war on Iran drags on, shutting down the strait of Hormuz and jacking up global oil. Prices. Right now, the country's got 46 days worth of petrol and stock, that's 10 days more than when the strikes kicked off. National Cabinet met for the third time this week under Prime Minister Anthony Alpinese, discussing how the straits have been closed for two months. Straight. South Australia's premier Peter Malinowska says supplies look solid nationwide, matching other states with extra days for unleaded petrol, jet fuel, and diesel. Leaders are staying sharp though, wanting the ships still can't pass freely so shortages could hit medium-term. They've got plans from stage 1, alerts up to stage 4, restrictions if things worsen. Energy Minister Chris Bowen, assures folks Australia is positioned as well as can be.

1:02New economic models from EY and Parthenon paint a rough picture. If the strait stays blocked most of 2026, GDP could drop 42. Billion dollars, with investments down 54 billion, and households spending off by 70 billion. Even a three-month snag means a 7 billion hit, as oil costs ripple through transport, mining, and more. House chiming in too, saying Iran's broke and desperate to reopen the strait, losing 500 million bucks a day. Australia's tapping Asian neighbors for extra shipments, slash the fuel excise by 32 cents per liter, might extend it past June and leaders. Plan more huddles to keep supplies flowing steady.