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The ongoing investigation into the site is expected to provide the government with crucial insights by the end of 2026. These findings will determine whether drilling into the lake to extract resources is feasible.
Though this won’t immediately solve the current shortage, if the site is deemed viable, oil extraction could potentially commence by 2028.
In Queensland, over 100 service stations reported fuel shortages yesterday, and this scarcity is reflected across the entire nation.
This news arrives just days before the federal government is set to unveil a national emergency fuel strategy. This plan is designed to ensure that industries most in need can access necessary fuel supplies.
The proposal aims to protect fuel resources for critical sectors such as agriculture, transportation, and emergency services, as well as to support regional areas.
There are calls from the opposition, however, to slash the fuel excise to immediately reduce costs for drivers.
“When you fill up your car, about 52 cents every single litre goes to taxation,” Shadow Foreign Minister Ted O’Brien told Today.
“So we need to cut that taxation in half for a three-month period.”
Cutting the tax would carry consequences for the federal budget, which brings in billions of dollars each year.
However, the fuel crisis is expected to affect the budget regardless.
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