Fuelcast: How China stores fuel
5/6/20260 min
Project Freedom is paused - and attention is turning to who is best prepared for a longer fuel shock. China imports most of its oil, but it has also built one of the world’s biggest crude stockpiles.
So what’s its strategy?
Carrington Clarke and Alan Kohler help you stay on top of the numbers behind the ongoing energy crisis on Fuelcast on ABC Business Daily.
Got a burning brent crude question?
Send an email to Carrington and the team abcbusinessdaily@abc.net.au
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Transcript
17 sentencesSpeaker 00:00
[upbeat electronic music] ABC Listen. Podcasts, radio, news, music, and more [upbeat electronic music] Welcome to Fuel Cast.
Carrington Clarke· Host0:12
I'm Carrington Clark, and this is your source to stay on top of the numbers behind the ongoing energy crisis. It's Wednesday, May the 6th. We're recording mid-morning. Let's have a look at the figures. The price of Brent Crude has risen to $110 US a barrel since we last checked in. The national average price of unleaded has stayed about level at $1.85 per liter, and the national average price of diesel has dropped to $2.60 per liter. Today, I'm joined by Alan Kohler to dig into the major energy headlines. Good morning, Alan.
Alan Kohler· Guest0:46
Good morning, Carrington.
Carrington Clarke· Host0:47
Alan, it's only in the last 20 minutes or so that Donald Trump has announced the s- that so-called Project Freedom, which was supposed to be the reopening of the Strait of Hormuz, is on pause to allow for further negotiations with Iran. So it seems Project Freedom is almost over before it began, and seemingly only allowed the passage of, is it two American-flagged ships to, to go through that strait? What do you make of it all?
Alan Kohler· Guest1:15
Well, I think it's a bit weird, really. I mean, uh, that they need to stop escorting ships through the Strait of Hormuz i- in order for negotiations with Iran to continue. I mean, fair enough, you'd say, "Okay, well, they shouldn't be bombing Iran while the