The ABC reports the APPEA is worried about Australia's long slide from self sufficiency in oil - Government urged to boost gas, oil reserves. If they were honest they'd admit the situation will only get worse until we shift away from using oil for transport (one area the government could be useful, as opposed to wishing it could magically conjure up more oil reserves).
Australia's peak petroleum industry body will today urge the Federal Government to boost oil and gas exploration after the changes to the resources tax. The Australian Earth Sciences Convention begins in Canberra today.
The Australian Petroleum Production and Exploration Association will highlight how Australia has slipped from being self-sufficient in oil and liquid fuel production to having a $16 billion annual trade deficit.
Unless a major discovery is made within five years the Federal Government has forecast the deficit will almost double to $30 billion per year.
The association will call for development of petroleum, natural gas and coal seam gas reserves.