Australian liquid fuel usage

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Australian passenger and freight movements are currently powered primarily by the burning of 300 million barrels per year of oil and LPG in inefficient internal combustion engines.[1]

Oil is a growing expense which, under BAU, will cost the Australian economy ~$1.3 trillion (2010 dollars) between 2010 and 2040.

Australian projected oil supply-demand balance circa 2007
Australian projected oil supply-demand balance circa 2007

Oil imports have grown since Australian domestic oil production peaked in 2000.

Australian domestic oil production is now in decline and this is projected to continue. Forty percent of the crude oil consumed in Australia is imported, adding $15.7 billion to the 2007/2008 current account deficit.

Goldman Sachs have predicted that in 2015 oil will cost US $200 a barrel. In 2015 Australia will be importing 80% of oil mostly from the middle east. That is a $66 billion oil import bill. This will eclipse Australia's total coal export revenue, both metallurgical and steaming coal.

[edit] Electric vehicles that will reduce fossil fuel use

[edit] External links

[edit] References

  1. Zero Carbon Australia Stationary Energy Plan, Beyond Zero Emissions

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