‘Turning point': Aussie EV growth spurt predicted on back of Israel-Iran conflict
Volatile oil prices in the wake of the ongoing conflict between Israel and Iran could trigger a growth spurt for EVs in Australia, one expert has predicted.
With petrol prices tipped to reach $2.50 across the country in the wake of the conflict, Swinburne University urban mobility expert Hussein Dia says this could lead to a renewed interest in EVs as Aussies look for alternate energy sources.
'Petrol in some Australian cities could hit $2.50-a-litre according to some economists. As global instability worsens, other experts warn price spikes are increasingly likely,' Professor Dia says.
'What would happen next? There is a precedent: the oil shocks of the 1970s, when oil prices quadrupled.
'The shock drove rapid change, from more efficient cars to sudden interest in alternative energy sources. This time, motorists would likely switch to electric vehicles.'
Professor Dia specialises in 'future urban mobility', and says strangled global oil supply leaves Australia in the lurch.
'If the flow of oil stopped, we would have about 50 days' worth in storage before we ran out,' he says.
'The best available option to reduce dependence on oil imports is to electrify transport.
'Cutting oil dependency through electrification isn't just good for the climate. It's also a hedge against future price shocks and supply disruptions. Transport is now Australia's third-largest source of greenhouse gas emissions.
'Now that emissions are falling in the electricity sector, transport will be the highest emitting sector emissions source as soon as 2030.'
Israel attacked Iranian nuclear sites earlier this month, sparking the most turbulent period for oil prices since Russia invaded Ukraine in 2022.
The US bombing Iranian facilities this past weekend – and Iran's subdued response – bookended a volatile fortnight of trading in the commodity.
Iran is the world's ninth largest producer of oil and its land border meets a crucial choke point for ships carrying oil out of the Persian Gulf; Strait of Hormuz.
'If this crisis continues or if another one flares up, it could mark a turning point in Australia's long dependence on foreign oil,' Professor Dia said.
'Australia currently imports 80 per cent of its liquid fuels, the highest level on record.'
On Tuesday, Federal Treasurer Jim Chalmers issued a public warning to Australia's petrol companies.
'Recent spikes in the barrel price on international markets and volatility associated with unfolding events should not be used as an excuse for retailers to gouge customers or to increase prices opportunistically above and beyond the impact of events in the Middle East,' Mr Chalmers wrote to Australia's consumer watchdog.
He directed the regulator to be on the lookout for petrol stations attempting to 'do the wrong thing by Australian motorists,' and implement non-justifiable charges on motorists.
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