Senator MacGIBBON —My question is directed to the Minister for National Development and Energy. What, in days, is the target set by the Government for reserves of liquid hydrocarbons in Australia? What is the present holding?

Senator CARRICK —There is a variety of different answers, depending upon the particular hydrocarbons in question. I shall answer in terms of crude oil itself which is the source of the hydrocarbons and therefore the available source for refining to produce on-the-spot supplies. Australia is seeking to improve upon what has been an IEA-International Energy Agency-goal of stock for some 70 to 80 days. We hope to get to, say, 90 days. Because we have Bass Strait, the best way of storing crude oil is in indigenous wells, provided that disaster or industrial unrest does not disturb it. In general we have been able to reach the equivalent of some 70 days stocks.

There is a variety of answers in relation to the remainder of the hydrocarbons. My Department published yesterday the first of a series of monthly statistics which showed, for example, a decline, I think in January, in the gasoline stocks compared with the same period last year. That had a lot to do with industrial conditions.

The stocks of refined products are not as significant in terms of the number of days if one can be assured of two things-that there will not be industrial unrest and that there will not be damage to refineries. We have set out on a policy of asking the companies to increase their storage on both the crude side and the product side of the refinery and in particular products. Today we have overcome the shortage of avgas. We do not have to import it. In fact, we are producing a surplus of avgas. We have good stocks available.

The significant challenge to us at the moment is to produce more distillate, which is the fuel in greatest demand and which we need to have adequate stocks of, but at the same time not to produce a surplus of gasolene. My answer to Senator MacGibbon's question is that we would hope to publish statistics monthly. The stocks held by companies have been regarded as confidential. Some pressure has been but upon us by Senate committees-I think by Senator Thomas's committee in particular-to reveal the figures. We are doing so. I think that is good for the public dialogue. If there are specific stocks of products which Senator MacGibbon is interested in I would be happy to furnish him with the information he requires.