Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Hansard source

This conflict is unlikely to come to immediate resolution. Obviously that has implications for the people of the region, and it has implications for the global economy and therefore for Australians at home as well. Around 20 million barrels of oil flow through the Strait of Hormuz every day—the equivalent of about 20 per cent of the global oil supply. The crisis will obviously have implications for the global economy, including for commercial shipping and energy. I want to make it clear the government are doing all we can to support Australians at this time. Our nation is fuel secure, and we have more fuel than at any time over the last 15 years. I can also indicate, and the Treasurer has indicated publicly, that he's written to the ACCC to ask for their assistance. The government has made clear this crisis should not be an excuse for retailers to gouge customers or to increase prices opportunistically above and beyond the impacts of events in the Middle East.