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The Guardian - AU

National

Patrick Commins Economics editor

Australia last rationed fuel in the 1970s. Could we do it again?

Australia Oil United States Chris Bowen Kevin Morrison Luke Yeaman Petrol Shane Oliver CBA

A man fills up his car at a bowers — Australia relies on imports for 90% of its liquid fuel needs, with a big chunk of the petrol, diesel and jet fuel produced by Asian refineries. Photograph: Ye Myo Khant/SOPA Images/Shutterstock

Just when most of us had managed to put the pandemic behind us, along comes another global crisis sending prices higher and threatening to change the way we live and work.

The US-Israel war on Iran has unleashed a global energy shock that has sent global oil prices soaring and triggered a spike in fuel costs.

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