Aussie Gas Giants Prioritize Locals Amid Energy Crunch

0:00Aussie East Coast gas giants like those run by origin, shell, and Santos are finally putting locals first amid a global energy crunch. Despite chaos from Iranian drone strikes, shutting down Qatar's massive LNG plant and over 20% of world supply stuck in the straight of Hormuz. For six weeks, our domestic gas prices have actually dropped from around $12 per gigajoule early this year to about $10.40. Now, half the peak from the Ukraine crisis, earlier this week that Hormuz blockade locked up fuel flows, spiking prices everywhere from Europe to Asia where costs are now 30% higher than before the Iran mess. But here, unlike four years ago, when exporters ship gas offshore for windfall profits, fueling inflation and jacking up power bills, the big. Players are holding back. Back then, the gouging crushed factories, plastics makers, and even shut down a key area plan near Brisbane, forcing farmers to import fertilizer. From the Persian Gulf, that mess hit power generation hard since gas fills gaps when coal and renewables fall short, sending electricity prices through the roof and sparking.

1:09Public outrage. Now, these companies control nearly 90% of East Coast reserves, but they're spooked by incoming laws like the gas reservation policy too. Prioritize Aussies, plus talk of a windfall profits tax in the May budget that ascended committees eyeing this week. With governments popping nearly $600 million into a new pill-borrow urea plan opening in 2027, the tides turning toward, self-reliance, and these exporters are playing it safe to dodge the backlash. This has been Sydney News Today, powered by AI. I'm Cory with the story.