Oil Crisis Looms: Australia Braces for Prices Above $120 a Barrel as Diesel Hits $3/Liter
Australia's government prepares for scenarios where global oil prices soar past $120 per barrel, as diesel nationwide exceeds $3 per liter. Measures like expanding ethanol mandates are being considered.
Australia is preparing for a potentially dire scenario where global oil prices spike above $120 a barrel, as diesel prices nationwide have already surpassed the $3 per liter mark. The federal government is taking this threat seriously, with Prime Minister Anthony Albanese planning another national cabinet meeting to address the petrol supply crisis.
According to Treasurer Jim Chalmers, one of the options under consideration is expanding ethanol mandates across the country. This comes after Guardian Australia revealed that the government is analyzing ways to increase the supply of this biofuel.
Source: The Guardian
