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Australia to rely on US for oil reserves

File photo of the Pioneer oil refinery in El Dorado, Kansas, US. Source: AAP

The federal government is in talks with the United States to buy access to its oil to boost Australia's reserves in the case of an emergency.As a member of the International Energy Agency, Australia is supposed to store enough crude oil and petrol to last 90 days, but it hasn’t met that benchmark since 2012.

Australia's oil reserves are significantly below international standards.

There's only enough petrol on home soil to last 28 days, compared with 92 for New Zealand, 280 for Britain and 700 for the United States.

Australia imports 90 per cent of its liquid fuel, and with recent tensions in the Middle East and increasing volatilitly in the South China Sea, the federal government has turned to the United States to guarantee fuel security.

Energy Minister Angus Taylor says negotiations are underway with the Trump administration to buy access to millions of barrels of oil from America's tightly guarded fuel reserve.

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