Albo bribed by gas cartel

Albo is busy collecting the cash from the gas cartel. Not for you. For Labor bribes.

Just over half a dozen business figures paid about $10,000 a head — apparently the standard price for dinners of this size with Australia’s prime minister. Interestingly, among them were some of the PM’s sharpest critics: Santos CEO Kevin Gallagher and Minerals Council of Australia head Tania Constable.

Only a few months ago, Gallagher warned Australia risked going the way of Argentina if the Albanese government continued with its manufacturing union-supported gas supply policy.

“If you want to watch how to kill an industry, go and do a case study of Argentina – they killed a gas export industry by very similar types of intervention and policies,” Gallagher said in late May.

This is the shit that should be banned immediately. It is corruption in plain sight.

Santos is the key to Australian inflation, energy transition and industrial recovery.

It is currently subject to developing gas reservation and tax reform legislation, and here it is paying Albo $10k for special access.

Meanwhile, while it bribes Albo to throw the country on the scrap heap, it is making a mint exporting your gas to a world that is still paying through the nose. Goldman has more.

The moderate de-escalation of the Iran conflict over the weekend has driven TTF down 7% vs last Friday’s close to 59 EUR/MWh.

In a scenario where a new deal is reached between the US and Iran in the coming days or weeks, we expect the risk premium in TTF to drop sharply, likely to below 50 EUR/MWh.

However, whether that potential initial drop in prices would be sustainable would ultimately depend on the observed pace of ramp of Persian Gulf LNG exports, which has been slow (Exhibit 1).

European gas storage remains tight (Exhibit 2), and there’s limited time left for storage injections ahead of Europe’s heating season, which starts on Nov 1st.

As a result, we maintain our 60 EUR/MWh TTF forecast for Bal-3Q26, reflecting an elevated probability that European gas prices might have to discourage Asia industrial demand for gas, which historical data suggest starts at 65 EUR/MWh.

For Santos, a TTF price will translate to about $30Gj for spot gas sales; for the gas that is being produced for about $1GJ.

That gas is coming from the Cooper Basin and is not theirs to sell. Santos is stealing from third parties after guaranteeing Australia it had enough of its own gas to fill its LNG export facility.

Why is Albo taking $10k from this greedy gas foreigner while he’s negotiating the one policy that will determine the success or failure of the entire economy in gas domestic reservation?

Where’s the outcry when you’re paying $11Gj instead of the $3Gj you should be for that Cooper Basin gas? This is increasing your electricity bill by 100%.

Not to mention, Albo just killed the gas tax.

You get what you deserve in this forsaken land of corruption.