Australia is the only country among 29 members of the International Energy Agency without enough oil in storage to cover net imports for three months.

  • Australia has around 59 days back up supplies only
  • A discussion paper was released yesterday which said, in part, Australia has to spend several billion dollars of investment in fuel stocks and storage infrastructure over a decade to store more oil.
  • And ... "A decision on how to address this compliance issue will be made by the government in 2015"

The Wall Street Journal has more (gated): Australia Aims to Plug the Gap in Its Emergency Oil Supply