Gas and power prices crash as cartel bullies panic

The thing is, cartels look all tough on the outside. But, they are made up of soft caramel on the inside. When you call them out, they melt like Fantails in the hot sun.

As the Albanese Government has steeled itself to call out these bullies in the past week, guess what? The local gas price has halved $20Gj across the east coast and is as low $12Gj in Victoria today. This, as Asian export gas prices march to the heavens:

More importantly, the Aussie electricity price is following gas straight down:

The Albanese Government should not be fooled. The cartel is playing politics. It should install harsh reservation with a price trigger of $7Gj immediately.

Do not bother raising public awareness any further. Just drop the anvil on them and let them chase you, like QLD did with its recent coal royalty hikes.

They’ll bleat like stuck pigs at the AFR but they will have already lost.

For more, here is yours truly on 2GB last night:

Houses and Holes
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Comments

  1. “See! We don’t need regulation!”

    (Dear god, anything but that. Please, please, please look somewhere else. These are not the cartels you’re looking for. OMG LOOK! A FLYING PIG!” *points*)

    Is there nothing more cynically pleasing than the desperate scrambling of a cockroach exposed to light?

    • Strange EconomicsMEMBER

      Ok, thats it. No further action needed by the LNP Lite.
      Back to lower interest rates in September and higher house prices again.
      It was all a blip on the ever upward prices.

  2. Yeah, a cynical ploy to avoid legislation, but without legislation they will be back to stiffing Aussies and Aussie industry in no time, there must be strong and enforceable legislation.

  3. bolstroodMEMBER

    Well done DSL , you have exposed the underbelly of the Gas industry.
    At bottom they are bullies and cowards.
    When the CSG industry arrived n the Northern Rivers back in the day they reserved their rights under the Petroleum Onshore Act of 1991 to forcibly enter private property against the owners wishes in their pursuit of gas exploration. They owned no land, paid no rates or taxes, used public facilities and wanted to overlay their Gas extraction plants and infrastructure over the farm land.
    They talked tough and had politicians in their pockets and the politicians children on their payrolls.
    In short they behaved like bullies.
    When the people organised opposition to this invasion of their communities the GasFrackers huffed and puffed and called for the police to help them. As the public opposition grew and grew and thousands stood ready to defy the police to break the Blockade the GasFrackers deflated and turned to water.

  4. Tassie TomMEMBER

    Once upon a time the governments drove exploration expeditions to discover THEIR own resources. I think the South Australian & Northern Territory Oil Search (SANTOS) was one of them.

    I find it incomprehensible that the entirety of Australia beneath the top 6 feet of dirt has been given away to private companies, who can choose to sell Australia (yes our “gas” is a part of Australia, as is our coal, iron oxide, and everything else) to whoever they want to even though Australia “needs” it.

    If there’s any silver lining it is that the “renewable transition” is being supercharged.

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