APPEA scaremongers as price cap craters Aussie gas prices
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Australia’s oil and gas lobby, the Australian Petroleum Production and Exploration Association (APPEA), has again slammed the Albanese government’s “heavy-handed” energy market intervention, claiming the legislation had “dealt a blow” to new east coast domestic supply and security.
Senex Energy on Thursday announced it would suspend plans for a $1 billion expansion of its Surat Basin developments due to the federal government introducing a mandatory code of conduct for the wholesale gas market…
“No new gas supply means no downward pressure on prices and an increased risk of future gas shortages,” APPEA chief executive Samantha McCulloch said.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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