The announcement that shatters two popular green myths:
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.
At the higher end, this would be “several times bigger than all of the oil in Australia”, Linc managing director Peter Bond said.
This has the potential to turn Australia from an oil importer to an oil exporter.
So what now for this green myth, as promoted by Fairfax:
Peak oil and climate change are on parallel paths. Both are inextricably linked and can only be solved together, requiring a shift away from a reliance on fossil fuels into what is now called the “post-carbon economy”….
International Energy Agency chief economist Faith Birol warns that the output of conventional oil will peak in 2020 if demand continues… [A] German military think tank report strategically leaked online warns that peak oil will occur soon [and] could threaten democracy… It also warns of market failures, huge tax rises, food shortages and widespread rationing…
To tackle peak oil, the government needs to implement the Henry review’s recommendations to change the fringe benefits tax formula for company cars that potentially encourages drivers to clock up mileage, and introduce road congestion charges. It will also have to invest more in public transport, promoting alternative fuels and subsidised infrastructure for electric cars… Peak oil might provide governments with just the excuse they need to make tough calls on climate change.
And what of this second green myth, promoted by the Prime Minister:
I see a great clean energy future for our great country… This decision, to put a price on carbon, is a major reform to build a clean energy future… To act on climate change. To cut carbon pollution. To build a clean energy future.
Andrew Bolt’s columns appear in Melbourne’s Herald Sun, Sydney’s Daily Telegraph and Adelaide’s Advertiser. He runs the most-read political blog in Australia and hosts Channel 10’s The Bolt Report each Sunday at 10am. He is also heard from Monday to Friday at 8am on the breakfast show of radio station MTR 1377, and his book Still Not Sorry remains very widely read.