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Government takes unprecedented steps to build emergency fuel reserves

Australia will move to build up its domestic emergency fuel reserves, with the government looking to develop storage facilities and secure the country’s energy supply in a time of growing global risk.

The government intervention to bolster domestic reserves follows a landmark deal to tap into the US government’s strategic supply, announced earlier this year, in a bid to protect Australia from economic and security harm if global oil supplies are disrupted.

Energy Minister Angus Taylor is moving to bolster Australia's domestic fuel reserves.

Energy Minister Angus Taylor is moving to bolster Australia’s domestic fuel reserves. Credit:Alex Ellinghausen

Energy Minister Angus Taylor has called for domestic storage proposals from Australia’s fuel industry to boost reserves by 7 million to 15 million barrels and bring the country closer to its obligations as a member of the International Energy Agency.

Mr Taylor said Australia had a reliable supply of fuel, but the COVID-19 pandemic had highlighted the impact of large global shocks and the need for fuel security.

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