Labor ramps up pressure on gas industry as energy prices rise but stops short of price caps

Labor is ratcheting up pressure on the gas industry as it contemplates a workable policy mechanism to lower prices.intervening in the market with price caps after the treasurer, Jim Chalmers, confirmed the government was revisiting the problem of gas prices given soaring energy costs are driving domestic inflation and punching a hole in household budgets.

The Australian Workers Union national secretary, Daniel Walton, meanwhile rounded on the resources minister, Madeline King, who signedwith the three big LNG exporters – Santos’s GLNG plant, the ConocoPhillips-led APLNG group and Shell’s QGC operations – in late September. “The government has a choice: defend the insane super profits that gas exporters are making from the Ukraine war or defend the future of Australian manufacturing and the hundreds of thousands of jobs it supports,” he said.Walton noted Labor’s policy platform contained specific commitments to use-it-or-lose-it conditions for offshore gas resources, a price trigger, and domestic reservation policies where necessary, so it was time for the Albanese government to “walk the walk”.

Why so slow - excess profits equals price gouging. AlboMP you don’t need to be friends with companies that suck value from our country. They need to be friends with australia energy CorporateGreed

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