The Federal Government will spend $94 million on a fuel reserve to bolster the national stockpile.
Federal Energy Minister Angus Taylor said the Government would take advantage of historically low fuel prices to build a “strategic fuel reserve”, to be held initially in the United States.
“We have full storages here in Australia, but in time we are exploring opportunities with the industry to establish local storage,” he said.
“Now is the time to buy fuel, and we are doing that.”
Mr Taylor said the reserve was to ensure Australia had enough fuel in case of future “global disruptions”.
Read more here: https://www.abc.net.au/news/2020-04-22/government-to-buy-fuel-secure-national-stockpile/12173276
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