The federal government's Future Gas Strategy first must ensure Australia's future gas needs

Almost immediately after Resources Minister Madeleine King unveiled her plans for an expansion of our gas industry, the sniping began, the battle lines already drawn.

Instead of worrying about keeping gas in the ground, can we keep enough of what we produce in the country?If history is any guide, Australian governments have repeatedly emerged bruised from encounters with multinational energy exporters.

As the resources minister pointed out in her Future Gas Strategy, Australia now provides 20 per cent of the world's gas needs. And yet, we are plagued by domestic shortages. That all changed when Vladimir Putin's invasion of Ukraine sent energy prices soaring, delivering windfall gains to the exporters. But again, it has come at a cost to the nation.Gas is a crucial element in electricity generation. Given it is the fuel used during energy shortages – with its ability to quickly fire up and turn off – it determines the ultimate price of power.

Both the Turnbull and Morrison governments threatened the gas exporters with export controls in an effort to maintain adequate supplies for the Australian east coast.

Source: Financial Digest (financialdigest.net)

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