If petroleum is going to save Australian manufacturing, why are the country’s oil refineries on their knees?
Exxon Mobil Corp. recently announced the closure of its processing plant in the Melbourne suburb of Altona after more than seven decades. From a point eight years ago when the country had seven refineries, that will leave just two. Of those, one is already weighing whether to shut off its spigots. The other is staying in business thanks to a government subsidy that will amount to A$30 million ($23 million) in the first half of this year.