Regulator Reveals Industry Sent Domestic Gas Overseas During Gas Price Crisis

Australia Institute

Data released yesterday from the Australian Energy Regulator (AER) reveals that between May 8-14 as gas prices reached levels three times higher than the average of the last financial year, gas companies sent gas developed for Australian households and businesses north for export to the international market. The data, released by the AER in its weekly gas market report, contradicts claims from the gas lobby of a “gas shortage”.

“Yet again this data shows we don’t have a gas supply problem, we have a gas export problem,” said Mark Ogge, Principal Advisor at the Australia Institute.

“As gas prices skyrocketed in May, gas developed for the Australian domestic market was sent north to chase export profits.

“Gas companies were even charging Australian customers more than export prices.

“As the gas lobby seeks to spin skyrocketing prices for Australians as a reason to fast-track pipeline approvals and fracking, this evidence shows there is no shortage of gas just an excess of greed for export super profits.

“Gas production in Australia has tripled over the last decade or so, but 80% of gas produced in Australia goes to export.

“These gas companies use more gas running their export terminals than Australia’s entire manufacturing industry.

“It’s not that we don’t have enough gas, it’s that the companies want to ship it overseas to the highest bidder.”

Australia Institute research shows that 5 of the gas lobby’s biggest companies paid $0 income tax from 2014-2020 on $138b of income.

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