We’re running out of oil, says Costello

Treasurer Peter Costello has delivered a blunt warning that Australia is running out of oil as existing fields near the end of their productive lives.

In a speech to the Northern Territory Cattlemen’s Association, Mr Costello said it was little known that Australian exports of fuel had been falling for years despite soaring prices.

“The reason why Australia’s crude oil exports have fallen over recent years – while world demand and prices have increased to record levels and LNG exports are booming – is that some of our oilfields are approaching the end of their productive lives,” he said.
The Age