#energy-security

#energy-security

Australia imports roughly 80 per cent of its refined fuel and holds the lowest fuel reserves of any member of the International Energy Agency, with only 36 days of petrol and 29 days of jet fuel. This situation was starkly highlighted when the Strait of Hormuz was closed, leading to a surge in Brent crude prices and exposing the existential nature of Australia's energy crisis.

Mairi McAllan stated that there should be more drilling in the North Sea, provided it is compatible with climate targets and necessary for energy security.

Chris Ong, Seatrium's CEO, sees the Iran conflict sharpening what specialists call the energy trilemma, or the trade-off between energy security, affordable supply, and environmental sustainability. "The situation is now even worse because of the destruction of supply, which is still not fully priced in," Ong says. "People don't understand; they have been swung between different stories every day."

Dale Vince stated, 'We can ban exports from the North Sea. China have done it,' emphasizing the need for prioritizing domestic consumption during fuel shortages.

Swinney has signaled a softening of his stance on new oil and gas drilling in the North Sea, stating that energy security should be considered in new decisions.

OEUK highlighted that natural gas extracted from the North Sea has a significantly lower emissions footprint compared to imported liquefied natural gas (LNG), which often involves more environmentally taxing transportation and processing methods.

I don't want to raise levels of public anxiety. They are anxious about what they're already seeing on their television screens. They're anxious about the impact it will have on them, particularly economically, in their households.

When trading opened on Thursday, prices spiked to 174p, marking a 24% increase, before easing slightly to 169p as of 8 AM GMT. In recent days, natural gas futures, which are contracts for purchasing the commodity in the coming months, have been trading between 125p and 132p per therm (a unit of heat energy).