Well, well, well, if it isn't the consequences of our own actions. After the Australian government shamelessly abandoned morality and international law to back Israel and the United States' illegal war on Iran, Australia is now experiencing the inevitable consequences, and successive federal governments have failed to plan for those too.

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Cowardly abandoning the international rules-based order when our so-called allies wage illegal wars makes all Australians less safe and less secure. But higher petrol prices and higher gas prices will mean a lower standard of living for most Australians, and that is where the federal government is really in trouble.

"This is the biggest threat to energy security in history," International Energy Agency (IEA) chief Fatih Birol told ABC's 7.30 this week. It's no exaggeration. In response to being attacked by Israel and the United States, Iran closed the Strait of Hormuz, resulting in an estimated 20 per cent of the world's gas and oil exports grinding to a halt, sending petrol prices skyrocketing here and around the world.

Iran also retaliated against US-aligned Gulf states like Qatar, bombing its LNG facilities and wiping out almost 20 per cent of global LNG supply. These twin energy crises have major implications for Australia; let's start with petrol and Australia's liquid fuel security.

If the Strait of Hormuz doesn't reopen soon, Australia will be at the pointy end of fuel shortages. Experts have long warned that Australia is far too dependent on imported oil. The IEA requires member countries to hold 90 days of the previous year's net daily oil imports to ensure fuel security, yet despite Australia's reliance on imported oil, we have among the smallest stockpiles of all IEA members.

When Russia invaded Ukraine, the IEA provided a helpful 10-point plan to cut oil use, which it estimated could cut oil demand by 2.75 million barrels a day in advanced economies within four months. Years later, Australia has yet to implement any of the........

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