1
00:00:01,320 --> 00:00:04,600
Speaker 1: My Heart podcasts here, more Gold one on one point

2
00:00:04,640 --> 00:00:06,320
Speaker 1: seven podcasts.

3
00:00:05,720 --> 00:00:09,280
Speaker 2: Playlists and listen live on the free iHeart app gold

4
00:00:09,400 --> 00:00:12,720
Speaker 2: It's Jonesy demanded driving you home. You might have said

5
00:00:12,720 --> 00:00:15,200
Speaker 2: a lot of stories from various news sites about people

6
00:00:15,280 --> 00:00:19,079
Speaker 2: hoarding fuel here.

7
00:00:19,239 --> 00:00:22,640
Speaker 3: Yeah, in Australia. It just pops up in my algorithm.

8
00:00:22,840 --> 00:00:25,040
Speaker 2: You know, you send that picture of that guy and

9
00:00:25,079 --> 00:00:27,280
Speaker 2: he's got a giant tanker on the back of his

10
00:00:27,400 --> 00:00:29,600
Speaker 2: car where he's full drive and he's filled it up

11
00:00:29,600 --> 00:00:32,040
Speaker 2: with fuel, probably about two thousand bucks worth of fuel.

12
00:00:32,560 --> 00:00:34,959
Speaker 2: A sensible post has popped up in my feed from

13
00:00:35,000 --> 00:00:38,760
Speaker 2: a lady called Lauren Lately, and it's really good article.

14
00:00:38,760 --> 00:00:41,800
Speaker 2: It's worth reading about if you're anxious about fuel. It

15
00:00:41,840 --> 00:00:44,520
Speaker 2: says here on fuel supplies and why you shouldn't panic buy.

16
00:00:45,080 --> 00:00:47,879
Speaker 2: There are two issues that are being conflated in coverage,

17
00:00:48,000 --> 00:00:49,479
Speaker 2: fuel supply and fuel prices.

18
00:00:49,720 --> 00:00:52,240
Speaker 1: So are people panicking that are fuel supplies being damaged?

19
00:00:52,240 --> 00:00:56,040
Speaker 3: Because in Iran, yes, and we've been through this before.

20
00:00:56,080 --> 00:00:57,560
Speaker 2: I remember when I was a kid, the last time

21
00:00:57,560 --> 00:00:59,200
Speaker 2: we went to war with around they had a thing

22
00:00:59,280 --> 00:01:01,120
Speaker 2: called odd and even number plates.

23
00:01:01,240 --> 00:01:03,480
Speaker 1: You'll remember that you could fill up on one day.

24
00:01:03,440 --> 00:01:06,360
Speaker 2: Yep, So Lauren writes here the numbers you'll see about

25
00:01:06,360 --> 00:01:09,040
Speaker 2: how many days of fuel we have thirty six days

26
00:01:09,040 --> 00:01:12,120
Speaker 2: of petrol, thirty four days of diesel. At most recent

27
00:01:12,200 --> 00:01:16,240
Speaker 2: numbers are a calculation called consumption cover days, which means

28
00:01:16,280 --> 00:01:21,480
Speaker 2: if all imports and refinering completely stopped and consumption remained

29
00:01:21,480 --> 00:01:24,000
Speaker 2: the same as usual, that is the number of days

30
00:01:24,040 --> 00:01:25,240
Speaker 2: that the few would cover.

31
00:01:26,480 --> 00:01:30,119
Speaker 3: But imports haven't stopped, nor has domestic.

32
00:01:29,880 --> 00:01:31,880
Speaker 1: Refining, So why people panicking?

33
00:01:31,920 --> 00:01:36,600
Speaker 2: So Australia we rely, we rely on a lot of

34
00:01:36,600 --> 00:01:37,319
Speaker 2: fuel imports.

35
00:01:37,360 --> 00:01:41,400
Speaker 3: We stopped largely refining in our country. But the disruption

36
00:01:41,560 --> 00:01:45,959
Speaker 3: to the Strait of hormas.

37
00:01:44,520 --> 00:01:49,360
Speaker 2: Almost satisfying straight not as good as the Malaca Straits anyway.

38
00:01:49,440 --> 00:01:53,840
Speaker 2: That's impacting about twenty percent of the fuel shipping internationally

39
00:01:53,920 --> 00:01:57,960
Speaker 2: right now. That's twenty percent of the world, not just US.

40
00:01:58,400 --> 00:02:02,720
Speaker 2: So the biggest impact that is having right now is price.

41
00:02:02,760 --> 00:02:05,600
Speaker 2: It's not supply. And the thing that doesn't often get

42
00:02:05,640 --> 00:02:07,920
Speaker 2: mentioned in the media coverage looking at you talk back

43
00:02:08,000 --> 00:02:11,800
Speaker 2: radio is as Australia has introduced a minimum stockholding.

44
00:02:11,280 --> 00:02:13,760
Speaker 3: Obligation about five years ago.

45
00:02:13,600 --> 00:02:16,520
Speaker 2: Which means major importers have to hold a certain amount

46
00:02:16,560 --> 00:02:19,600
Speaker 2: of fuel stocks that the government can requisition to release

47
00:02:19,639 --> 00:02:23,120
Speaker 2: into the market in a crisis slash emergency.

48
00:02:22,639 --> 00:02:24,200
Speaker 3: Situation, so we'd never be without.

49
00:02:24,240 --> 00:02:27,160
Speaker 2: Australia has also had a liquid fuel emergency power since

50
00:02:27,240 --> 00:02:30,200
Speaker 2: nineteen eighty four. It's never been triggered. So we went

51
00:02:30,240 --> 00:02:33,639
Speaker 2: through the Iran, we went through Iraq, We've been here before.

52
00:02:33,800 --> 00:02:35,560
Speaker 2: But the problems we've got social media now.

53
00:02:35,960 --> 00:02:37,680
Speaker 1: So can I ask you, though, why the price is

54
00:02:37,720 --> 00:02:40,040
Speaker 1: going up if the supply is not going down. Is

55
00:02:40,120 --> 00:02:42,120
Speaker 1: that because price gouging?

56
00:02:42,600 --> 00:02:43,080
Speaker 3: Well, yes.

57
00:02:43,160 --> 00:02:45,799
Speaker 2: The other consideration on price and supply in Australia is

58
00:02:45,840 --> 00:02:49,639
Speaker 2: all the panic buying, largely driven by the media. The

59
00:02:49,720 --> 00:02:53,040
Speaker 2: rush of people filling up because they fear a price

60
00:02:53,080 --> 00:02:57,360
Speaker 2: increase leads to petrol stations prematurely putting up their prices

61
00:02:57,440 --> 00:03:00,120
Speaker 2: because they actually haven't received the fuel that has an

62
00:03:00,120 --> 00:03:03,480
Speaker 2: increase price, they're just making people may pay more for

63
00:03:03,520 --> 00:03:07,760
Speaker 2: the same fuel they've already got. Panic buying is unhelpful

64
00:03:08,000 --> 00:03:10,960
Speaker 2: and actually drives It drives the problem, especially when panic

65
00:03:11,000 --> 00:03:15,000
Speaker 2: buying happens in metro areas, which adversely impacts rule.

66
00:03:14,919 --> 00:03:16,040
Speaker 3: And regional areas.

67
00:03:16,440 --> 00:03:18,280
Speaker 2: So if you're in the city, you don't need to

68
00:03:18,280 --> 00:03:21,520
Speaker 2: get jerry cans and load up your things. If you're

69
00:03:21,560 --> 00:03:23,480
Speaker 2: living out the back of Burke or you in Darwin

70
00:03:23,600 --> 00:03:25,960
Speaker 2: like that, yes it's going to be a problem.

71
00:03:25,639 --> 00:03:26,800
Speaker 1: But at the end of the coast, it's not for

72
00:03:26,840 --> 00:03:27,240
Speaker 1: the supply.

73
00:03:27,360 --> 00:03:28,120
Speaker 3: It's going to be a cost.

74
00:03:28,120 --> 00:03:31,720
Speaker 2: We're going to see higher fuel costs, which is a case,

75
00:03:32,000 --> 00:03:33,280
Speaker 2: but if it's anything.

76
00:03:33,440 --> 00:03:34,160
Speaker 3: We went through the.

77
00:03:34,120 --> 00:03:37,200
Speaker 2: COVID thing with a duney paper and as Lauren writes

78
00:03:37,320 --> 00:03:42,320
Speaker 2: up here, TLDR too long, didn't read don't panic buy fuel.

79
00:03:42,680 --> 00:03:45,600
Speaker 2: We're not at mad Max's net yet. We've got a

80
00:03:45,600 --> 00:03:47,000
Speaker 2: bit to go and we've been.

81
00:03:46,880 --> 00:03:49,360
Speaker 1: Through this band. Don't put dunny paper, as you say,

82
00:03:49,520 --> 00:03:50,440
Speaker 1: in your engine.

83
00:03:50,200 --> 00:03:53,080
Speaker 3: And try not to punch an electric car driver in

84
00:03:53,080 --> 00:03:56,400
Speaker 3: the face. And they go, should have gone with my option.

85
00:03:57,600 --> 00:03:58,600
Speaker 1: Maybe they'd have a point.

86
00:03:58,680 --> 00:04:04,280
Speaker 3: Well okay, mhm, maybe they do. Everything's going to be

87
00:04:04,320 --> 00:04:07,800
Speaker 3: okay until we have TikTok tuker.

88
00:04:07,960 --> 00:04:11,560
Speaker 1: TikTok Tucker's on the way, as is Instagram on gold