Our increasing importation of oil & petroleum products is creating an ongoing balance of trade problem and the Federal Government should set up a National Oil Commission to fund and direct oil exploration seperate from the
multinational oil companies with the proceeds later being invested in a national energy wealth fund.
We are pussyfooting around with the Northern Australia Fund when this capital can be better employed in
oil exploration and development thereby minimising our reliance in imported oil.
We cant rely on multinational oil companies doing the job for us when they can make easier money importing
oil & petroleum products in ever increasing volumes which facilitates them to minimise Aussie corporate tax
via dodgey price transfer strategies.
http://crudeoilpeak.info/australian-graphs
MM
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Fix our oil imports
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