Australia Oil Production on Peak

Oil production in Australia has already peaked and the alternative fuels industry needs to be decreased dramatically in response, experts say.

After years of a stop-start approach to ethanol production, Australia is fast running out of time to end its love affair with crude oil, much of which is imported, the NRMA Motoring funded Jamison Group says.

“Meanwhile, Australia's demand for petroleum is increasing at a rate of two per cent a year, from 750,000 barrels per day currently to 800,000 barrels by 2009/10”, the group's report, A Roadmap for Alternative Fuels in Australia, warns.

The domestic arrival of peak oil means more and more crude will be imported from the Middle East.