Australia is facing a shortage of critical lubricants. How do we stop everything grinding to a halt?
Summary
Australia is facing a shortage of base oils, a key ingredient in engine lubricants, due to rising prices and supply disruptions linked to ongoing conflicts in the Middle East. This shortage affects many engines, from cars to farming equipment, and may lead to higher costs and delayed maintenance for consumers and industries.Key Facts
- Base oils are used to make lubricants like engine oil, which protect and cool engines in vehicles and machines.
- Prices for base oils in Asia more than doubled from about $760 to $1,790 US dollars per tonne between late February and early June.
- Some refineries in the Middle East producing base oils have been damaged, reducing supply.
- The supply of high-quality base oils needed for modern synthetic lubricants is very limited.
- Australia depends on imports of base oils from countries affected by regional conflicts, including South Korea, Singapore, and Qatar.
- Higher base oil prices are causing some consumers to delay oil changes, which may hurt engine performance.
- Farmers and other industries relying on combustion engines face risks if lubricant costs rise or supplies shrink.
- The Australian Lubricant Association has urged the government to address the base oil shortage with the same urgency as fuel supply issues.
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