ExplainerConservatives want more Australian oil and refineries – but is that really the answer to the fuel crisis? 05.05.2026

Australia faces mounting pressure to secure its fuel supply amid global instability, prompting Queensland Premier David Crisafulli to advocate for increased domestic drilling, refining, and storage. Crisafulli suggests the Taroom Trough holds significant oil reserves, though experts remain skeptical of the actual volume. Currently, Australia imports 80% of its crude oil and 90% of its refined fuel, primarily from Singapore, Malaysia, and South Korea. With only two refineries remaining, analysts like Tony Wood argue that building new infrastructure is economically unviable due to regional competition and a lack of domestic crude. Instead, experts suggest that accelerating the electrification of transport and utilizing rooftop solar offers a more sustainable, cost-effective strategy to reduce reliance on volatile international oil markets and long supply chains.


















