Please sir, I want some more: Alan Kohler exposes Australia's energy mistake that saw Anthony Albanese tour Asia 'cap in hand' to sell our gas

By SARAH BROOKES - SENIOR REPORTER, AUSTRALIA Published: 00:45, 21 April 2026 | Updated: 00:50, 21 April 2026 Australia may sit on a mountain of natural resources, but it's now scrambling to keep cars on the road and planes in the sky as the Strait of Hormuz becomes a dangerous choke point in the US‑Israeli‑led war with Iran. ABC finance reporter Alan Kohler accused Prime Minister Anthony Albanese of spending the past fortnight touring Asia 'cap in hand' as he cuts deals to swap gas for urgently needed petrol, diesel and jet fuel. Critics argue the extraordinary diplomacy lays bare a decades‑long failure of energy policy that has left the nation dangerously exposed to global shocks, such as war.  According to Kohler, the crisis comes down to two unavoidable truths: Australia stopped seriously searching for oil and shut down most of its refineries.  'How the hell did resource-rich Australia get into this pickle where the PM has to go around cap in hand to keep our cars and trucks on the road and our planes in the air,' he said.  'Two reasons. First, over several decades, our explorers gradually stopped looking for oil and looked for gas instead, which is why Anthony Albanese has gas to trade for fuel. 'In the 1970s Australia produced 70 per cent of its own oil. Now, 90 per cent is imported, and we're the second biggest gas exporter.' Kohler warned Australia is missing out on untapped gas that could remain buried forever unless the country actually goes looking for it.  ABC finance reporter Alan Kohler (pictured) has accused Prime Minister Anthony Albanese of spending the past fortnight touring Asia 'cap in hand' as he cuts deals to swap our gas Albanese has warned that any move by Iran to charge vessels transiting through the strait would upend the global economy Ships and tankers in the Strait of Hormuz are pictured off the coast of Oman Without exploration, the expert argues, new supplies will never be find.  The second failure he said, is the collapse of Australia's domestic refining capacity.  'We used to have 10 oil refineries, now there are two,' Kohler said. 'One-by-one, eight of them closed, and despite an energy white paper in 2004 that warned we'd be caught short one day, the government did not have the stomach or the money to keep them going.  'Now we import most of our refined fuel, and the two remaining refineries in Geelong and Brisbane import almost all of the oil they process.' Kohler said the remaining two refineries were 'marginal' and could close any day.  'Under the International Energy program signed in 1974 Australia agreed to always keep at least 90 days of last year's oil imports on hand,' he said. 'But for more than a decade, we've been the only country to consistently fail to do that. 'When the Strait of Hormuz closed seven weeks ago, we had less than half of that, which is why the Prime Minister is doing an Oliver Twist, asking for more please.' Under the International Energy program signed in 1974 Australia agreed to always keep at least 90 days of last year's oil imports on hand Has Australia’s rush to export gas left everyday Aussies paying the price for short-sighted energy policies? What's your view?The busy shipping channel carries more than 100 cargoes a day of vital gas, fertiliser and chemicals, as well as one-fifth of the global oil supply, through a bottleneck that hugs Iran's coastline in the Persian Gulf. It comes as Australia throws its support behind an international mission to keep the Strait of Hormuz open, as the PM said any move by Iran to charge vessels transiting through the strait would upend the global economy. 'We want to see the Strait of Hormuz opened and we want to see no privatisation and no tolls,' Albanese said.  'Freedom of navigation is essential for global trade. It is how the world operates, not just in fuel but in other areas as well.' Energy Minister Chris Bowen said at the weekend there were 61 fuel tankers on their way to Australia, up from 57 the previous weekend.  There are around 46 days of unleaded petrol in storage, 10 days more than on February 28 when the Iran war began as well as 31 days' worth of diesel in stockpile, and 30 days of jet fuel.  AMP chief economist Shane Oliver said the global economy is now getting closer to crunch time regarding the supply of oil. 'The last ship load of oil to leave the Gulf before the War started is now getting refined into fuel,' he said. 'Our rough estimate is that if the flow of oil through the Strait does not quickly resume we could survive till late next month but beyond that fuel rationing would likely be required.' No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards. By posting your comment you agree to our house rules. 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