Essay by Eric Worrall
Bowen suggested Aussies should replace fossil fuel use with electricity, if they are worried about the impact of the Iran conflict on gasoline prices.
Panic buying risks petrol supply crunch, Bowen warns
Phillip Coorey and Michael Read
Mar 3, 2026 – 7.19pmEnergy Minister Chris Bowen has urged drivers not to panic-buy fuel, despite Australia holding barely half the oil reserve it is obliged to have in case of a global emergency.
As long queues formed at petrol stations across the country, Bowen insisted Australia had ample supplies to handle the fallout from the Iran conflict, with a little over a month’s worth of petrol, diesel and jet fuel, based on normal consumption patterns, in addition to what is in service stations and vehicle fuel tanks.
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“There’s no need to rush to the service station and fill up,” Bowen said. “There are real challenges, but there is no need for panic buying; that will just make the situation worse.”
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“We were told in Parliament this week that we have 36 days of oil stores in Australia, which is not very long” he said.
“One way to improve our oil security is to use less oil. The electrification of the economy and the replacement, wherever you can, of liquid fossil fuels, actually enhances our security.”
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Electrification is not a viable solution for most Australian industry, nor for anyone who lives in the countryside. Electrification might work for inner city commuters who ride their e-scooter to work, at least in good weather, but for Australia’s long distances and harsh climate, or delivery people who need more than a few hours of capacity, relying on electricity is a bust.
At least 5 times in the last decade I’ve had to use a small generator to keep the freezer running, because of electricity outages caused by bad weather, while being thankful my cookers run on gas.
In addition, electric vehicles are still way more expensive than gasoline vehicles, especially for people who can’t afford a new vehicle.
The multi-decade regulatory neglect of Australia’s refinery capacity and domestic energy production is a disgrace.
Our energy supply lines are intensely vulnerable to the slightest geopolitical upset in a vast region spanning the Persian Gulf, the Indian Ocean and the Western Pacific. Even if we scrape through the current oil supply crisis, one day Australians pay dearly for the short sighted neglect and carelessness of our leaders.
