Australia Weighs Oil Reserve Release

0:00From Sydney, this is your March 11th update. Australia is deciding how to respond to a call from the International Energy Agency to release oil from its reserves. The agency wants 32 member countries, including Australia, to tap 400 million barrels total. This comes as Middle East conflicts disrupt oil shipments through the Strait of Hormuz, sending global prices up to nearly 120 dollars, a barrel on Monday. Treasurer Jim Chalmers warns that the fighting will add more pressure on Australia's inflation rate. He told ABC News Breakfast, the government isn't planning to cut the fuel excise tax right now, but they're looking at other ways to ease the strain. Chalmers noted Australia already faced inflation challenges before the latest escalations. Officials say the top priority is keeping domestic fuel supplies flowing at prices families can afford. A spokesperson for Energy Minister Chris Bowen stressed that any move would serve the national interest. It's a voluntary decision tailored to Australia's own needs amid the global

1:02crunch. If Australia joins, it wouldn't ship oil overseas but would draw from its own stocks to help calm world markets. This mirrors the response during Russia's invasion of Ukraine and the government is wrapping up its plans soon. Thanks to our sponsor for supporting today's coverage, lay back, press play, let the pillow do the rest, sound meets comfort, S-O-L-L-I, soleypillow.com