It’s been a rollercoaster ride on the global oil market, with wild swings in petrol prices at the bowser.

The war against Iran has caused panic buying in Australia and around the world.

Meanwhile, our government has been criticised for not having greater reserves of petrol, diesel and jet fuel.

And for not imposing higher taxes on giant gas companies, which are now raking in

a fortune thanks to the war.

Today, Federal Energy Minister Chris Bowen on how prepared Australia is for the worst energy crisis in more than 50 years – and the war: should we even be backing it?

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Guest: Energy Minister Chris Bowen

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Australia’s tobacco wars are fuelling violence, with fire bombings and arson attacks spanning across the east coast.

Now the federal government wants to treat these organised crime syndicates like ‘drug lords’ by going after them with wire tapping and seizing their assets.

And the tobacconists are in trouble too, with calls to ban tobacco stores and only sell cigarettes in supermarkets.

Today, Criminologist Dr James Martin, from Deakin University on how to reign in the multi billion dollar black market that’s created a gangsters paradise

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Guest: Criminologist Dr James Martin, Deakin University

Photo: AAP Image/Joel Carrett

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John Blackburn spent four decades in the Air Force, rising to Deputy Chief.

For more than decade he’s been warning that Australia is too reliant on imported fuel, too light on reserves, and too exposed if a global crisis – just like this one – disrupts supply.

Now, as more than hundred servos around the country run dry and a Trump ultimatum looms, threatening to make the fuel crisis worse, Australia is paying the price for our lack of preparedness.

Today, Chair of the Institute of Economic Research Australia, John Blackburn on how Australia botched our emergency fuel plan, what we should do next, and why the Iran war is shaping up to be a covid-level crisis.

If you enjoy 7am, the best way you can support us is by making a contribution at 7ampodcast.com.au/support.

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Guest: John Blackburn, Chair of the Institute of Economic Research Australia

Photo: AAP Image/Mick Tsikas

See omnystudio.com/listener for privacy information.