Australia's Fuel Crisis: A Long Haul Ahead

0:00Australian drivers have stuck with sky-high petrol prices for the long haul, even if the war in Iran wraps up tomorrow. Regular unlettered jumped more than 30% since fighting kicked off on February 28, shooting from around $1.66 to $1.80 a liter, up to over $2.50. Fuel bosses and analysts say the global energy mess is too deep to fix overnight. Fuel giant Viva Energy's CEO, Scott Wyatt, laid it out straight. Sky chains got wrecked bad and rebuilding them will drag on. Key spots like the Strait of Hormuz are choked off, blocking one-fifth of the world's oil and hitting Asia's refineries that feed most of Australia's. Fuel. Folks down under are feeling the pinch hard at the pumps, with no quick drop back to pre-war levels in sight. Experts compare this to the big oil shocks of 1973 and 1979, but say this one's bigger so recovery could stretch. Even longer. Their fuel exec warns that even if peace hits in 10 days, bottlenecks in shipping and

1:03refineries mean months of tight supplies. Shipping costs have exploded, and war zone insurance stays pricey, keeping diesel and petrol elevated. Bottom line. Analysts like Saul Kovanek figure it could take years to patch up damage fields, restart production, and restart global reserves. No scrambling that egg back. Motorists brace for the ride ahead. This has been Sidney News Today, powered by AI, I'm Corey with The Story.