The great gas robbery is happening before our eyes. But what can we do about it?

Multinational gas companies have played Australian customers.

It’s the great gas robbery. And it’s right before us in our utility bills.

When you next look in horror at your gas bill, think this: you are the unwitting victim of a gigantic game of risk shifting by the multinationals.

These companies have played the domestic customer on a break, because they saw something we didn’t see two years ago.

And it’s resulted in gas that was once destined for our heaters, cookers and manufacturing plants being sucked north to Gladstone where it is liquefied and sent to Japan, South Korea and China.

It’s all about the price of oil

Those ginormous LNG projects in Queensland were pursued by their proponents on the industry-wide assumption that the price of oil would never dip below $US65 a barrel.

In fact, $US65 a barrel was the worst-case scenario when some of these projects were sanctioned.

Oil is now well south of that price and has been for some time. There’s expectation the price of oil will remain relatively low for some time yet.

Source: The great gas robbery is happening before our eyes. But what can we do about it? – ABC News (Australian Broadcasting Corporation)