It’s been one month since the US and Israel began their war on Iran, which means one month that critical oil passageway the Strait of Hormuz has been closed. As a result, the price of crude oil has shot up, taking 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 the regions.
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 the transcript here or watch the interview below.
Cut Through is Crikey’s new weekly podcast bringing you spin-free analysis of Australian news, politics and power. Each week, readers’ editor Crystal Andrews is joined by Crikey journalists to discuss the week’s biggest news story. Listen in the link above, on Spotify or Apple Podcasts, or watch on YouTube.