Well yes, to some extent that is true. Probably why we should really get off our butts and get busy on coal-to-liquids (Australia has enormous coal reserves)
For all the talk about Australia’s resource and energy riches and the country’s economy riding the waves of a resource boom, one facet of the country’s energy situation has largely been under the radar – the country’s growing reliance on oil imports.
BP have just released their annual Statistical Review of World Energy. This statistical bulletin is regarded as the most reliable source of information on energy-related data, and is widely cited by governments and industry specialists alike.
What the latest report reveals should cause some concern in Canberra. In 2011, Australia’s oil production declined by 14.5% compared to the previous year. At the same time, Australia’s oil consumption increased by 5.7%.
This drop in production and increase in consumption is not alarming per se. However, what is worrying is that it comes against the backdrop of a long-term oil production decline and consumption growth (Figure 1).
Foreign trade is vital to the economy. What is it about energy that makes people squeamish? Buying Nikes from Indonesia is fine, but buying oil isn’t?