Australia Taps Strategic Fuel Reserve Amid Iran War Crisis

0:00In Sydney, it's March 13th, here's what is happening. Australia has tapped its strategic fuel reserve for the first time ever. This move comes as the government deals with shortages and high prices triggered by the war in Iran. Tankers are stuck in the strait of Hormuz, cutting off a huge chunk of global oil supply that normally flows through there at 20 million barrels. I A Day Energy Minister Chris Bowen called the release a smart and measured step. Just a day earlier, they also struck a deal with Amphol to keep higher sulfur fuel in the country instead of exporting it. This helps supply regional areas where stations are running dry. Opposition leaders are slamming Bowen for not acting sooner. They say he lacks a real plan amid fears over fuel security. Hormuz and independent suppliers are hit hard with the man doubling and some begging for emergency government takeovers of supply chains. Australia's reserves sit at about 36 days of petrol, 34 for diesel, and 32 for jet fuel.

1:03That's below the International Energy Agency's 90-day rule for members. It's a shift from past policies like the old stockpile kept overseas. Prices could climb above $3 per liter if the conflict drags on. Even oil recently topped $100 a barrel, and experts warned it might hit 200 without quick peace. Officials urge drivers to buy only what they need and skip the panic buying. The Daily News Now is presented by our sponsor, LinkedIn the description. It is a pillow that plays your podcast and music without earbuds, built for listening in bed, S-O-L-I, solely pillow.com