The fuel crisis spurred by the war in Iran will have a “long tail”, Environment Minister Murray Watt has warned, as the Albanese government scrambles to ensure Australia’s supplies.
Anthony Albanese on Saturday announced emergency powers letting the federal government underwrite fuel cargoes.
The move came as hundreds of service stations across the country reported they had run dry while prices at the bowser continued to soar.
Senator Watt said on Sunday the government was “doing everything we possibly can to make sure that we get the fuel into the country and then get it around the country where it needs to be”.
“The longer this Middle East conflict goes on, and the longer we see the Strait of Hormuz closed, the longer that is going to have an impact on petrol and diesel supplies right around the world,” he told Sky News, adding that Australia was not the only country grappling with the fallout.
“Anywhere you look is having issues around fuel supply, fuel prices and the longer this goes on, of course, not only will it impact on family budgets, but it will impact on the national economy as well.”
He said that Canberra wanted a swift end to the conflict but that even if it ceased immediately, the effects would be long-lasting.
“The thing we’ve got to bear in mind is that even if this conflict was to end tomorrow, there is going to be a long tail,” Senator Watt said.
“We’ve seen a number of other fuel producing facilities in the Middle East destroyed or damaged as a result of this conflict.
“So unfortunately, this situation is not going to end anytime soon.”
More to come