Australia in talks with the US to buy millions of barrels of oil
The Morrison government is negotiating with the Trump administration to access the oil from America’s own fuel reserve, as Australia hunts for a way to address dwindling local supply.
Energy Minister Angus Taylor says Australia now is in discussions with the US about tapping into the Strategic Petroleum Reserve.
‘The government has undertaken a second initiative since the election to ensure that we continue to deliver increased security for Australians,’ he said in a statement on Monday.
‘Access through a contractual arrangement would greatly boost our stocks and flexibility of supply.’
Australia reportedly has enough petrol and crude oil to last 28 days, well below the 90 days mandated by an international agreement.
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