It’s time for Australia to step off the gas

(Alison Reeve – ASPI The Strategist) If it wants stable gas supply and lower gas prices, the federal government needs to be adaptive and flexible in reserving domestic gas production for domestic users. Otherwise, domestic manufacturing will wither. Three things in life are certain: death, taxes, and a jump in oil and gas prices whenever there’s geopolitical conflict. Thanks to the US–Iran conflict, the Strait of Hormuz is effectively closed, and 25 percent of the world’s liquefied natural gas (LNG) trade is cut off. The LNG benchmark price for Japan and South Korea jumped in response to the initial closure, from about US$10.70 (about A$15) to more than US$15 (about A$21). And it jumped again following missile strikes on Qatar’s biggest LNG facility, to more than US$22 (about A$31). – It’s time for Australia to step off the gas | The Strategist