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The Guardian - AU

Business

Patrick Commins Economics editor

Labor says Australia won’t run out of fuel due to the Iran conflict. So how much do we have and how long will it last?

Australia Labor United States Iran Oil Chris Bowen Tony Wood crude oil Petrol DCCEEW

Petrol prices are shown at a service station in Sydney — Political leaders have asked Australians not to panic-buy petrol in recent days amid fears of price spikes and possible shortages due to the conflict in the Middle East. Photograph: Sarah Wilson/AAP

“There is no need to panic-buy petrol.”

Those words from the treasurer, Jim Chalmers, on Wednesday were a bid to reassure Australians that the US-Israeli war on Iran did not mean our nation was about to run out of fuel.

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