The best way for Australia to stop worrying about oil is to stop depending on it | John Quiggin

Supply fears after the Saudi attack are alarmist, the impact on Australian petrol prices marginal at most. But they also miss the point

The recent drone attack on Saudi Arabian oil refineries has raised fresh concerns that Australia is not meeting our obligation to the International Energy Agency to maintain oil stocks equal to 90 days of consumption. Among other things, it has been suggested that the defence forces might run out of fuel.

This all sounds alarming. But a moment's thought raises more questions than answers. Why should the adequacy of our oil stocks be a matter of international concern? And why oil, rather than, say, essential medical supplies? Is a 90-day stock the right amount for Australia?