Australia's Fuel Crunch: Price Caps, Export Limits Considered

0:00Australia faces a serious fuel crunch, as liquefied natural gas shipments from the Middle East dry up within days. The government is talking with Japan, China, and other neighbors to keep supplies flowing, and Prime Minister Anthony Albanese might cap prices, or limit exports to protect local needs. Katari gas fields have halted shipments with no restarting site, and those final cargoes will unload in about 10 days. On top of that, the international energy agency head, warns of the worst oil crisis ever, urging people worldwide to work from home, drive slower, and skip unnecessary flights to save fuel. China, a big source of Australia's refined fuels like diesel and petrol, has banned exports, leaving some shipments stuck in port. Japan supplies Australia too, but buys 40% of its gas from down under, making both sites keep partners in this mess. The last big supply shot came in 2022, when Russia invaded Ukraine, tripling prices here and forcing gas and coal caps to tame, electricity bills.

1:04Now analysts say our drawn out conflict in Iran could spike costs even higher. Albanese plans to meet the energy agency chief, soon amid calls from lawmakers, unions, and experts for a windfall profits tax on gas exporters, as talks continue to steady regional energy trade. Global news, powered by AI, this is Sydney News Today, I'm Corey with the story.