Fuelcast: Explaining the new gas reservation policy
5/8/20267 min
The government has unveiled a new energy strategy, which will force major east coast gas companies to reserve 20 per cent of their export volumes for the Australian market.
The policy is set to go into effect in the middle of next year.
But is the government being prudent? Or is this more of a ‘too little too late’ kind of move?
Carrington Clarke and ABC Chief Business Correspondent Verrender break it all down on ABC Business Daily.
Got a burning brent crude question?
Send an email to Carrington and the team abcbusinessdaily@abc.net.au
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First 90 secondsSpeaker 00:00
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Carrington Clarke· Host0:05
[upbeat music] Welcome to Fuel Cast. I'm Carrington Clark, and this is your source to stay on top of the numbers behind the ongoing energy crisis. It's Friday, May the 8th. We're recording mid-morning. Let's have a look at the figures. The price of Brent Crude has dropped to $103 US a barrel since we last checked in. The national average price of unleaded has risen by one cent to $1.86 per liter, and the national average price of diesel has dropped by 10 cents to $2.50 per liter. Today, I'm joined by Ian Verrender to dig into the major energy headlines. Good morning, Ian.
Ian Verrender· Guest0:47
Morning, Carrington. How are you?
Carrington Clarke· Host0:48
I'm very well, thank you. Happy Friday. Uh, when we spoke last on ABC Business Daily this week, it was about the government's fuel resiliency plan ahead, uh, announced ahead of next week's budget. Yesterday, the government unveiled a, another energy policy, and that is an East Coast gas reserve, which will force major gas companies to save 20% of the export volumes for the Australian market, and that's set to go into effect in the middle of next year. Ian, you've been writing and talking about the differences between the East Coast and the West Coast when it comes to gas reservation for a long time. What do you make of what the government has announced so far?