Do we actually need to panic about fuel?

It’s been one month since the US began its war on Iran, which means one month that the critical oil passageway the Strait of Hormuz has been closed. As a result, the price of crude oil has shot up, taking the price of fuel with it. At petrol stations across Australia diesel is more than $3 per litre, with unleaded creeping up to $2.50 in metro areas and well beyond that in regional areas.Economics correspondent Jason Murphy joins the podcast to answer some crucial questions: is the rising cost due to price gouging? What can the government do to keep the price of essentials, like groceries, from spiralling out of control? And is Australia actually at risk of running out of fuel altogether?Read more:Do we actually need to panic about fuel?With petrol prices rising, so is Australia’s interest in EVs. We should strike while the iron is hotThe Iran War is costing a lot more than higher petrol pricesPainful as it is, the rate rise was the easy part. Trump has turned economic policy into a lotterySign up to Crikey’s free newsletter: https://bit.ly/crikey-newsletterCrikey’s independent journalism is supported by readers — 98% of our revenue comes from our subscribers. We’re not accountable to billionaires; we’re accountable to you. Hosted on Acast. See acast.com/privacy for more information.