Australia is one of the world’s biggest producers/exporters of gas.
This gas is owned by the nation so the government will likely cap wholesale gas prices at about $12 a gigajoule, demand a guaranteed domestic gas supply from producers, and enforce a mandatory code of conduct as part of a market intervention first flagged five weeks ago.
It’s about time too.
It is all very well selling gas overseas at the world price but Australians shouldn’t be paying the world price we should be paying enough for the companies to make a reasonable profit and no more. At last this looks like happening. It is absurd that we can buy Australian gas in Singapore cheaper than in Sydney.
Hopefully now they will now tackle the ridiculous price of coal of which we also have plenty.
