Australia, within five years, will have slumped from being 66 per cent oil self-sufficient to just below half that, around 30 per cent, meaning two in every three barrels of oil consumed will be imported. By 2015 Australia’s trade deficit will soar.As recently as 2001, Australia was 85 per cent self-sufficient in liquid fuels.But after 40 years of being largely self-sufficient, Australia is on the brink of becoming permanently exposed to potential supply disruptions with possible catastrophic co…
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