Ian Verrender

That's a political argument that gets put forward.

But if that was the case, then we wouldn't be exporting LNG, would we?

That's a fossil fuel and it's usually found in conjunction with oil.

We wouldn't be the world's biggest seaborne exporter of coal, would we?

I mean, it's a ludicrous argument to suggest that we have got so many environmental controls that we can't drill for oil in this country.

And yet we can, you know, dig coal out of the ground.

We can tap LNG and the LNG export market that we've developed in the past 10 to 15 years.

Yeah, it's 10 to 15 years old.

So this is a fairly new development.

If there was oil anywhere near those LNG deposits or those natural gas deposits, then they would be tapped as well and they would be used.

Look, that's obviously the way things are going to go, but it takes, you know, the question is how long is it going to take to get there?

And in the meantime, I mean, storing oil and storing fuel, liquid fuel is a very expensive option.

It's cheaper to store oil than it is to store refined fuel.

Refined fuel by its very nature is very volatile.

You know, you can't stick oil into a car and expect it to go.

It's got to go through this process where the volatile elements are there to be able to combust.

because they run in internal combustion engines, whereas oil is rather, you know, is really, you know, quite cheap and easy to store.

In America, I think a lot of oil is stored in these caverns, these salt caves.

So, you know, I mean, oil exists in the ground and has done for millions of years.

So, you know, and we're tapping that and then we're refining it into a highly volatile fuel.