The looming diesel disaster

About this episode

Phil and Steve discuss Australia's response to the global energy crisis and the implications of low petroleum reserves.

Phil and Steve discuss the escalating global energy crisis and Australia’s precarious response. They critique the government’s move to lower fuel prices by cutting excise taxes and GST, arguing that while it offers short-term relief to the working class, it fails to address the critical issue of supply and consumption. The conversation highlights a significant vulnerability: Australia maintains only a 30-day onshore reserve of petroleum, far below the International Energy Association's 90-day requirement. Steve warns that a total depletion of diesel reserves could lead to a domestic famine, as the nation's food distribution rely almost entirely on trucking. To mitigate future shocks, they explore the necessity of strategic rationing, the potential for a "carbon coupon" parallel currency, and the urgent need for a massive, publicly funded shift toward electrification. Hosted on Acast. See acast.com/privacy for more information.

People in this episode

Hosts: Phil Dobbie, Steve Keen

Topics covered

• energy crisis
• fuel prices
• government policy
• petroleum reserves
• food distribution
• electrification

Keywords

• diesel disaster
• energy crisis
• fuel excise
• GST
• petroleum reserves
• domestic famine
• carbon coupon
• electrification

Mentioned in this episode

Organizations: International Energy Association

Places: Australia

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