daveyp

"Clearly we can plant crops without fertiliser, but the yield and the productivity of those crops is somewhat diminished." -Ag Minister Julie Collins. What do you think? theland.com.au/story/9202514/…

South Australia may be sitting on one of the largest untapped oil resources on Earth. Australia is also... #1 exporter of iron ore #1 lithium producer #1 LNG exporter #1 coal exporter on Earth And the 3rd largest energy exporter on the planet. In other words… Australia helps power the world. Yet we still import most of the oil that keeps the whole thing running. Which makes even Adelaide, super interesting… Back in 2013–14, studies suggested the Arckaringa Basin near Coober Pedy could contain 200+ billion barrels of shale oil equivalent. Some estimates at the time suggested the resource could be worth around $20 trillion, and that's now over 10 years ago. Meanwhile Australia carries around $1 trillion in government debt. For context, Saudi Arabia has about 240 billion barrels. Venezuela around 300 billion. If those estimates are even close… That's Trump takeover territory Saudi-Arabia scale. Honestly, people in Adelaide should be sitting on gold-plated toilets by now and living the high life. Instead… Australians hand over close to 50% of their earnings in taxes and charges. Countries with big energy reserves like this usually turn that wealth into national assets. Norway built a $1.7 trillion fund from oil. For a country this resource-rich... you’d think we could at least afford our own fuel. So the obvious question is... Where exactly is all the money going? Credit: Marc Owen