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When I first wrote this in News Weekly (8 April 2026), sceptical readers would not believe that Australia was a bigger net energy exporter than America in 2023-24. Here are the facts.

First, Australia boasts 14 per cent of the world’s coal, 32 per cent of the world’s uranium, huge gas reserves, and yet to be assessed large reserves of conventional oil and shale oil.

Second, the table shows Australia’s total energy exports (18,018 petajoules) are three times its annual energy consumption (6,459 petajoules).

Third, the table shows that, in net trade terms (exports minus imports), Australia’s net energy exports of coal, gas, condensate and uranium (15,698 petajoules) are 13 times that of the United States net energy exports (1,204 petajoules).

US vs Australia: Energy Production, Consumption, Trade

Australia exports:

• 3 times what it uses
• 13 times America’s net exports

Sources: “U.S. energy facts explained”, U.S. Energy Information Administration, 2024. Australian Energy Flows 2023–24, DCCEEW.
Uranium Energy Account, Australia, ABS, 2023–24.
A data table on Australia’s energy flows is available online.

Question

Given Australia’s energy abundance, how is it that we confront two energy crises simultaneously while the US has no energy crisis?

Liquid fuels: There have been clear warnings about Australia’s vulnerable supply lines, given that we import over 90 per cent of our liquid fuels. Global supply chains were threatened during the covid pandemic, and today by the closure of the Gulf of Hormuz, through which flows 20 per cent of the world’s liquid petroleum (crude oil and refined products) and 6 per cent of global liquefied natural gas (LNG).

Then, last year, three People’s Liberation Army ships slowly circumnavigated Australia, demonstrating the possibility of Beijing’s military interdicting our sea lanes.

Despite having considerable known gas and oil deposits, since 2021, investment in exploration has collapsed 80 per cent as governments prefer renewables while imposing bans and draconian restrictions on oil and gas exploration.

Electricity: Australia faces electricity shortages and rising prices that are crippling businesses as coal-fired power stations close. The Australian Energy Market Operator (AEMO) has repeatedly warned of looming electricity reliability “gaps” in Australia’s eastern states due to these closures, rising demand, and renewable project delays as the nation relentlessly pursues net zero emissions by 2050.

Learn from the US

After 60 years of being a net energy importer, the US became a net exporter in 2019. All Presidents since George W. Bush Jr have expanded oil production, while the Trump Administration and tech giants plan a huge increase in nuclear power generation.

Policies We Need

To mobilise Australia’s huge abundance of untapped energy:

• Incentives for oil and gas exploration are needed.
• Build new refineries capable of handling all grades of crude oil.
• Import the shale-oil and gas extraction technology that delivered energy self-sufficiency to the U.S.
• Restore World War II fuel-storage depots and build new reserve storages across the country.
• Repeal federal and state prohibitions on nuclear power and begin ordering small modular nuclear reactors.

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Republished with thanks to News Weekly. Image courtesy of Adobe.