How dependent are we on oil imports
New Zealand imports 97% of its oil. Oil is the lifeblood of our economy. So a vital question must be -- how vulnerable is New Zealand to oil supply shocks? -- Whether from short term disruption, or due to an on-going and perhaps permanent decline in world oil exports?
You would think that discussion about this vital issue would be front and centre of political and economic debate, given the current high oil prices, unrest in the Middle East, and with the UK government developing an oil shock response plan. Instead there is close to zero public discussion about New Zealand's oil security.
What are the key facts?
1. New Zealand imports 97% of its oil. About 39 million barrels was imported as crude oil for the year ended March 2011 and was refined at the Marston Point refinery. ( Read More )