Why I am the only person in Australia to write about gas today is a mystery I will leave to you.
The gas cartel continues to openly break the law and smash supply commitments, as well as price caps, with prices still 50% higher than they are supposed to be:
Asian prices are hovering around $15Gj, European at $17Gj for prompt delivery and the US is $3!
In short, the Australian gas superpower currently has the highest gas prices in the world.
Hilariously, this is happening as record amounts of LNG are sailing in circles at sea owing to the global glut. Lots of it will be Australian:
Needless to say, Australia’s first-place win has resulted in a new electricity price shock, with prices now triple what they should be:
If these prices are sustained, bills are set to rise another 50-75%. It will add 3-4%% to the CPI and Australia will be the hottest inflationary economy on earth until house prices crash with further interest rate hikes.
We now have an improved ADGSM, code of conduct, PRRT, and budget bill relief to control the cartel.
But none of it is worth spit without enforcement. Of which there is none from Chicken Chalmers, Mad King, Useless Husic, and Bovver Bowen.
Not to mention Mad Albo himself.
