The Future of Oil
The Future of Oil
Empty supermarket shelves in Gladstone and throughout the country (due to Covid) are a timely reminder of how fragile our supply chains can be. Almost everything we eat, buy and use has been produced and transported a very long way using fuels such as diesel and aviation fuel.
The world was using about 100 million barrels of oil each day before the pandemic. You might be surprised that even now, with current travel restrictions, we are still using around 96 million barrels every day.
Meanwhile, supply issues have led to oil reaching its highest price in 8 years – at around $87US. No wonder the prices at the bowser are so crazy!
Although most of the world’s attention is on the transition to new energy technologies, we don’t know how long that will take or what obstacles we will encounter along the way. In the meantime, Australia will continue to rely on import of conventional fuels for freight, agriculture, mining, construction, tourism and many other applications. And we know that the global supply chain for those fuels is long and difficult.
That’s why QER is continuing to develop the case for kerogen-based fuel, made right here in Gladstone, as a critical backup. We don’t know exactly what the future of energy will look like, but when Australia needs a reliable, affordable, local source of fuel to carry us through, QER is ready to step in.