Tamara (Homes Down Under)

Oil in South Australia?

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    This one is not a new news item but it keeps popping up.

     

    If it turns out to be correct it will have a major impact upon Australia and South Australia in particlar. (Lots of environmental issues too!)

     

    http://www.adelaidenow.com.au/news/south-australia/trillion-shale-oil-find-surrounding-coober-pedy-can-fuel-australia/story-e6frea83-1226560401043

     

    SOUTH Australia is sitting on oil potentially worth more than $20 trillion, independent reports claim - enough to turn Australia into a self-sufficient fuel producer.

     

    Brisbane company Linc Energy yesterday released two reports, based on drilling and seismic exploration, estimating the amount of oil in the as yet untapped Arckaringa Basin surrounding Coober Pedy ranging from 3.5 billion to 233 billion barrels of oil.

     

    879738-world-oil.JPG

     

    402821-oil-search-map.jpg

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    Even if this turns out to be true the average bloke on the street won't see much if any benefit from it imho. We we will still pay the same amount for our petrol/diesel/lpg etc as the markets are international. As an example ask yourself why, as a nation, we produce over 4000 megalitres of LPG per year yet we still have to buy it using a price set in a boardroom outside Australia?

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