Prime Minister Anthony Albanese announced plans to look into building Australia's third oil refinery in WA, with $4 million set aside for a pre-feasibility study. "Building an oil refinery here on the west coast would obviously build our resilience as a nation, as well as particularly benefit Western Australia." "It's absolutely vital that everything is on the table when it comes to establishing secure and sovereign oil refining capabilities," he said. "Building a new refinery would cost billions, take up to a decade to build and require ongoing subsidies to run it. An industry group says a new refinery would help protect against future oil shocks.