The crisis traces back to the U.S.-Israeli war with Iran, which blocked the Strait of Hormuz and slashed global oil output by up to 8 million barrels daily, driving prices above $114 a barrel.
Australia, importing 90% of its fuel with only 36 days of reserves, sees petrol up 50 cents a litre—some spots at $3.39—while diesel shortages hit mining and trucking.
Energy Minister Chris Bowen called jerry can hoarding ‘un-Australian,’ as officials probe price gouging and push for local resilience, with EVs emerging as a partial fix saving up to 1 billion litres yearly if 1 million cars switch.