The Australian economy is teetering on the brink of collapse amid a severe diesel and gasoline shortage. One of the nation’s two remaining refineries is now engulfed in flames, pushing the entire fuel supply network at risk. Australia imports most of it's diesel, gasoline and jet fuel from Singapore and South Korea. But those two sources are not receiving enough crude oil from the middle east, so they are not able to export anything to Australia. Why does Australia no longer have it's own refineries? Australia actually exports it's oil production to other countries because it cannot refine it in Australia.(Wall Street Mav)