The evaluation of the site is expected to provide the government with insights by late 2026 regarding the feasibility of drilling into the lake for resource extraction.
Though it won’t solve the current shortage immediately, if deemed viable, oil production could potentially commence by 2028.
In Queensland, over 100 fuel stations faced shortages yesterday, and the issue is even more widespread across the country.
This situation arises just as the federal government is set to unveil a national emergency fuel strategy, designed to prioritize distribution to essential sectors.
The strategy aims to ensure that industries such as agriculture, transportation, and emergency services, as well as rural areas, receive adequate fuel supplies.
Meanwhile, the opposition is advocating for a reduction in the fuel excise to promptly lower costs for consumers.
“When you fill up your car, about 52 cents every single litre goes to taxation,” Shadow Foreign Minister Ted O’Brien told Today.
“So we need to cut that taxation in half for a three-month period.”
Cutting the tax would carry consequences for the federal budget, which brings in billions of dollars each year.
However, the fuel crisis is expected to affect the budget regardless.
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