Australian families are now seeing first hand how badly they have been ripped off by big oil as fuel prices plummet across the nation.

Who would have thought that by not buying fuel it would get so cheap?

As skies around the planet clear because of the impact of the Chinese Virus on transport, fuel prices have fallen so low that producers are now forced to trade oil energy at below zero cost as storage locations around the planet run out of space.

US oil prices turned negative for the first time in history on Monday amid the deepest fall in demand in 25 years. A flood of unwanted oil in the market caused the West Texas Intermediate (WTI), the benchmark price for US oil, to plummet to almost negative –$40 a barrel after the fastest plunge in history. That meant producers were paying buyers to take oil off their hands.

What this does show us is it’s a great time to reduce our reliance on fossil fuels and keep our air clean by investing in electric vehicles.

Here’s our #PolicySnapShot

Cheap, clean, renewable energy is the right of every Australian. Our policy will see government move quickly toward investing in reliable, low cost, environmentally friendly energy production, transmission and storage to improve how we use energy in our homes and for transport.

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