told News Corp<\/a>.<\/p>\n\u201cWe\u2019ve only managed to get through the last few months by drawing on the stocks that we have, so we\u2019re on borrowed oil.<\/p>\n
\u201cAnd that credit card will max out within a few months if we continue to borrow the way we have because the Strait remains closed.\u201d<\/p>\n
He also warned that continued disruptions to the waterway could result in fuel rationing measures being implemented in Australia.<\/p>\n
\u201cIf the Strait remains closed, then by September, the risk that Australia will have to pursue some form of demand management or rationing grows significantly and, to give it a magnitude, it\u2019s probably two to three times the risk of what we saw in March and April,\u201d Mr Kavonic said.<\/p>\n
\u201cAustralia\u2019s fuel stock is actually higher than it was prior to the war, but they\u2019re still very low by global standards.\u201d<\/p>\n
Retired Air Vice-Marshal John Blackburn AO said fuel prices would likely increase in coming months regardless of potential rationing measures.<\/p>\n
\u201cPrice rises in the end is market control, not done by government, but people change their consumption behaviours,\u201d he said.<\/p>\n
Oil prices have climbed to a five-week high amid escalating tensions in the Middle East, with Brent futures rising two per cent to US$91.01 a barrel on Tuesday.<\/p>\n
US West Texas Intermediate crude gained US$1.68, to settle at US$84.91.<\/p>\n
Meanwhile, Australia has reached its highest fuel stockpile since the US-Iran conflict began, with Prime Minister Anthony Albanese on Saturday saying that the country now holds a total of 6.5 billion litres of fuel across all fuel types.<\/p>\n
\u201cThis is the highest total amount of fuel in Australia since we introduced our fuel stockholdings, highest ever,\u201d he said.<\/p>\n
The Prime Minister also revealed 55 fuel tankers carrying 3.2 billion litres of fuel are scheduled to arrive in Australia over the next four weeks.<\/p>\n
-With Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"An energy expert has warned Australians could be faced with a fuel rationing scenario within months amid heightened…\n","protected":false},"author":2,"featured_media":56118,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[55434,55531,55518,55511,55524,41129,55522,55529,55476,49208,55520,55510,51952,55536,55514,38541,41188,55517,55512,22,23,7458,21,55549,45635,36917,55525,2009,55548,1625,55553,541,2627,55551,55545,55513,55508,55533,55547,2547,55550,23298,55544,104,55527,55519,55552,55509,55546,39122,55555,2607,4899,41133,7350,34917,55523,55515,13091,55534,40285,16821,32197,55554,55539,30405,55542,6225,55532,55528,37024,38263,41158,55543,39629,41159,55521,41162,39917,55516,41169,55526,41174,41175,55540,36698,37120,55541,2223,36985,55535,41388,55530,55538,55537,55507],"class_list":["post-56117","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australia","tag-brent-futures","tag-s-busiest-shipping-lanes","tag-s-fuel-stock","tag-s-fuel-stocks","tag-s-initial-closure","tag-3-2-billion-litres","tag-55-fuel-tankers","tag-6-5-billion-litres","tag-a-barrel","tag-a-few-months","tag-a-five-week-high","tag-a-fuel-rationing-scenario","tag-a-hit","tag-a-magnitude","tag-a-major-warning","tag-a-total","tag-all-fuel-types","tag-an-energy-expert","tag-an-escalation","tag-au","tag-australia","tag-australians","tag-austrlia","tag-borrowed-oil","tag-both-sides","tag-cent","tag-continued-disruptions","tag-country","tag-demand-management-or-rationing","tag-energy","tag-escalating-tensions","tag-fuel","tag-fuel-prices","tag-fuel-rationing-measures","tag-further-disruptions","tag-future-supplies","tag-getty-images-mst-financial-senior-energy-analyst-saul-kavonic","tag-global-fuel-stocks","tag-global-standards","tag-government","tag-heightened-tensions","tag-hormuz","tag-hostilities","tag-iran","tag-its-highest-fuel-stockpile","tag-lewis-whyld-pa-images","tag-major-warning","tag-march-and-april","tag-market-control","tag-months","tag-mr-kavonic","tag-news-corp","tag-oil-prices","tag-our-fuel-stockholdings","tag-people","tag-picture","tag-potential-rationing-measures","tag-price-rises","tag-prime-minister-anthony-albanese","tag-rationing","tag-recent-days","tag-saturday","tag-september","tag-snapp-breaking-or-general-news-retired-air-vice-marshal-john-blackburn-ao","tag-some-form","tag-strait","tag-strikes","tag-targets","tag-that-credit-card","tag-the-availability","tag-the-country","tag-the-end","tag-the-highest-total-amount","tag-the-last-few-months","tag-the-middle-east","tag-the-next-four-weeks","tag-the-oil-market-credit-card","tag-the-prime-minister","tag-the-risk","tag-the-stocks","tag-the-strait","tag-the-us-and-iran","tag-the-us-iran-conflict","tag-the-war","tag-the-waterway","tag-the-way","tag-the-world","tag-their-consumption-behaviours","tag-traffic","tag-tuesday","tag-two-to-three-times-the-risk","tag-uncertainty","tag-us-west-texas-intermediate-crude","tag-us1-68","tag-us84-91","tag-us91-01"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts\/56117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/comments?post=56117"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts\/56117\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/media\/56118"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/media?parent=56117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/categories?post=56117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/tags?post=56117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}