Australia's Fuel Stockpiles Amid Iran Crisis

0:00Welcome to Sydney News Today, two minutes of news that matter to Sydney. Australia has built a massive fuel stockpiles just in time for the crisis in Iran that's disrupting global oil supplies. New giant tanks on the edges of major cities can hold tens of millions of liters each, with the country now sitting on 36 days of petrol, 34 days of diesel, and 32 days of jet fuel. That's the highest level in 15 years, according to the government. Energy Minister Chris Bowen says, these reserves come from years of smart planning, including investments in new storage and rules forcing companies to. Keep fuel on hand. Facilities like Viva energies in Jalong alone hold 90 million liters of diesel, enough for a week of demand in Victoria. Motorists and farmers are getting nervous, leading to long queues in panic buying at petrol stations. Some stations in New South Wales have limited fills to one tank per customer to keep things fair. Even turning away angry drivers with Jerry cans. Fuel deliveries are still arriving on schedule from diverse sources beyond the Middle East,

1:04but oil prices have jumped from under $72, a barrel to nearly $120. Whole sale prices hit records this week, with regular unleaded at $2.04 per liter and diesel at $2.43. Treasure or Jim Chalmers has warned against price gouging, asking wash dogs to monitor stations. Let's say, while stockpiles by time, a long war could still push pump prices higher by about $0.10 per liter for every $10 rise in oil. Leaving Australia, watching the Middle East closely. A quick thank you to our sponsor of today's episode. Soley Pillow is a pillow with built-in headphones. Lay back, press play, and disappear into what you are listening to. It's O.L.I. SoleyPillow.com