The oil find in Australia is failing to enrich the public

The oil find in Australia is failing to enrich the public

Australia has recently been discovered to have been sitting on its very own reserves of black gold, or in other words: oil.

Trillions of pounds worth of the stuff was found last year – 233 billion barrels to be exact – in a find that some predicted could turn the region into a new Saudi Arabia.

Australia is currently believed to have reserves of about 3.9 billion barrels of crude oil – about 0.2 per cent of the world’s total – and produces around 180 million barrels a year.

Seems like pretty good news. Not for the ordinary man and woman on the street though.

Recently it has been reported that energy prices in Australia have doubled, and a rising number of people are struggling to keep up with the costs.

It has now been estimated that it has some of the highest prices in the developed world.

The bulk of the increase can be attributed to people paying off large costs created by network companies which have invested in infrastructure, despite demand falling each year since 2009.

It seems the idea that the more oil a country has – the more it will benefit the population is a myth.

This begs the question – who is benefiting from these oil supplies and what is it being used for?

Strangely, this question remains unanswered.

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