Energy Sector of any country is said to be as the backbone of its’s Economy. Most of the Countries import Oil and Gas from other countries. For which they had to pay a huge amount of foreign currency. Due to which the foreign reserve of country reduces. There is a long queue to get cheap energy provider. Oil and gas have a significant impact on the Australian economy and are used for a variety of purposes, including:
Oil and gas are used to generate electricity, with natural gas being the primary fuel source for electricity generation in Australia. According to the Australian Energy Market Operator (AEMO), natural gas accounted for 21% of Australia’s electricity generation in 2020.
Oil is the primary fuel source for transportation in Australia, with diesel and gasoline being the most commonly used fuels for cars, trucks, and other vehicles.
Oil and gas are used as feedstocks in a wide range of manufacturing industries, including plastics, chemicals, and fertilizers.
Natural gas is a popular fuel for heating homes and buildings in Australia, particularly in the southern states.
Australia is a major exporter of oil and gas, with liquefied natural gas (LNG) being one of the country’s largest exports. In 2020, Australia was the world’s largest exporter of LNG, accounting for around 26% of global LNG exports.
The oil and gas industry is a significant employer in Australia, with around 24,000 people directly employed in the industry in 2020, according to the Australian Petroleum Production and Exploration Association (APPEA).
The oil and gas industry generates significant revenue for the Australian government through taxes and royalties, which are used to fund essential services such as healthcare, education, and infrastructure.
Ultimately it is proven that oil and gas play a crucial role in the Australian economy and are used in a wide range of applications, from energy generation and transportation to manufacturing and export. If we see the direct effect of energy, we can say that if we get energy resources cheaper then the customer can easily get the cheapest electricity.