Power plays: Energy and Australia’s security. Release of ASPI Strategy Report
The Australian Strategic Policy Institute has today released its latest report, Power plays: Energy and Australia’s security, which looks at the global demand for energy, its growth and the potential effects this has on Australia’s security. The report examines Australia’s need to factor energy security into its foreign and defence policies, and develop a greater awareness of its dependence on fossil fuels.
The report is authored by Professor Michael Wesley, Director of the Griffith Asia Institute at Griffith University University.
The world is entering an era of steadily tightening energy markets. The growth in demand of the United States, China and India for imported oil and gas, and the increasing dependence of the world on supplies from unstable regions means that the adequate supply of affordable energy will become increasingly a part of most states’ security calculations in the coming decades.
Australia is a country with a modern economy that is dependent on fossil fuels. Our economy has become so interdependent domestically and internationally that the disruption of energy supplies could lead to major economic damage.
‘Canberra should also reconsider developing a more conventional oil stockpile, administered by the state, as an emergency response to supply disruptions or significant short-term tightening of the market’ says Professor Wesley. ‘..given Australia’s distances and reliance on road transport, major price fluctuations or supply shocks stand to hit it extremely hard. Against these potential effects, the cost of developing a conventional stockpile, in addition to Australia’s surge capacity, may be worth considering’.
Australia’s interests will be best served by maintaining and developing our position as a dependable energy supplier, by supporting the further integration of naval security mechanisms to protect energy shipping, and by promoting multilateral forums that include major energy consumers as well as producers.’s interests will be best served by maintaining and developing our position as a dependable energy supplier, by supporting the further integration of naval security mechanisms to protect energy shipping, and by promoting multilateral forums that include major energy consumers as well as producers.