Joyce Regrets Fuel Reserves, Warns of Shortages

0:00This is Corey, here with your quick two-minute update from Sydney News Today. Former Deputy Prime Minister Barnaby Joyce regrets not building up Australia's fuel reserves while he was in government. He's speaking out as the country faces shortages from wars in the Middle East. Right now, Australia has 36 days of petrol, 29 days of jet fuel, and 32 days of diesel stockpiled. Earlier this week, Joyce, now with one nation, criticized the current government for lacking a plan. He admitted reserves were low under the former coalition too. Back in 2020, they planned a strategic reserve on American soil to meet international rules, but critics said it wouldn't protect against. Global disruptions. Joyce is calling for fuel rationing and even sending a ship to the Strait of Hormuz to help secure it. That's after former US President Donald Trump urged allies to join efforts there. No official request has come from the United States so far. Treasurer Jim Chalmers says Australia has plenty of fuel for now, but he warns a long war

1:03could push inflation higher, maybe into the mid to high force percent. Treasurer analysis shows prices could rise half a percentage point if oil stays around $100 US of barrel for three months. Oil prices have jumped from about $60 to over 100 recently, hitting pumps worldwide. Officials are watching closely as the situation drags on. This episode is supported by our sponsor, see details in the description. When you need a moment alone, just lay back and listen, s-o-l-i-soli-pillow-dot-com.