As fuel prices continue to rise, the petroleum industry is taking steps to avoid the fallout of the Iran War.
Shipping data reveals oil shipments from the United States are now heading across the Pacific to help meet demand.
The crude oil tanker Unity Venture arrived at Brisbane Anchorage on Monday after travelling approximately 14,000 kilometres across the Pacific, carrying a cargo of crude oil.
The arrival comes as two additional tankers chartered by energy giant ExxonMobil are preparing to ship around 600,000 barrels of refined fuel, including petrol, diesel and aviation fuel, from Texas to Australia.
That cargo equates to roughly 95 million litres of fuel. Given fuel has hit around $2.20L on average, that means the ships are carrying around $210 million worth of petrol.
If fuel hits $3L as many predict, that cargo would be worth close to $300m.
The move comes as the Albanese Government refuses to rule out fuel rationing.
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The medium-range tankers Liberia-flagged Largo Eagle and Panama-flagged Nord Venture are scheduled to load refined fuel products in Houston later this month before making the long journey to Australia.
Shipping refined fuel from the United States to Australia is considered a rare trade route and can cost around $9 million or roughly $30 per barrel.
Australia usually sources the bulk of its fuel imports from Asia, particularly Singapore and South Korea, which act as major refining hubs for the region.
The US shipments come as fuel prices in Australia surge amid escalating tensions in the Middle East, with Australian motorists warned petrol could approach $3 per litre.
The Federal government has already taken steps to stabilise supply, including releasing parts of Australia’s fuel reserves and temporarily relaxing fuel standards to ease shortages.
FUEL FAILURES
However, the Maritime Union of Australia (MUA) National Secretary Jake Field said the current geopolitical crisis should serve as a wake-up call.
“Global conflict has highlighted the truth our Union has been drawing attention to for many years,” Mr Field said.
“Australia is dangerously reliant on foreign tankers and overseas supply chains for something as fundamental as the fuel we all use to get to work or to do our work.”
The Union argues that decades of refinery closures and the loss of Australian-flagged fuel tankers have left the country dependent on international shipping to move fuel around the region.
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Australia imports around 90 per cent of its transport fuels, after the closure of six domestic refineries over the past two decades.
Today, only two remain operating, Ampol’s refinery in Brisbane and Viva Energy’s refinery in Geelong.
MUA assistant National Secretary Jamie Newlyn said the current crisis highlights the need for urgent reform.
“The MUA is calling for urgent national action, including rebuilding Australia’s strategic tanker fleet, restoring domestic fuel production capacity and implementing a genuine national fuel security strategy,” Mr Newlyn said.
Mr Newlyn warned that the country’s ability to move its own fuel was fundamental to national resilience.
“A country that cannot transport its own fuel cannot guarantee its economic stability, its emergency response capability or its defence readiness,” Newlyn added.
“Australia must rebuild its maritime capability before the next global crisis makes this situation even worse.”
Amid growing fears of a national fuel crisis, Defence Minister Richard Marles has refused to rule out the rationing of petrol in Australia as America’s war against Iran enters its third week, putting further pressure on oil markets around the world.
