By Dr Liam Wagner, Professor of Economics, Griffith Business School
The 2018 Federal Budget includes incentives for the energy sector with the further development of coal, oil and gas. However, a lack focus on oil security diverts energy policy debate away from the availability of our energy supplies and onto back-pocket affordability. Oil supplies barely rated a mention in the 2018 Budget and most notably there will be:
No additional funds to acquire the strategic storage of oil
Energy Security Board to conduct regular security assessments, which may include oil and gas.
While the geopolitical chess game grows in its complexity, South Korea, Iran and disputes in the South China Sea will become more important to everyday cost of living. Australia imports 75% of its petroleum needs and the vast majority of its refined gasoline and diesel.
Most notably, South Korea is our largest supplier of refined petroleum products, which travel via the South