00:01We are seeing the fossil fuel industry acting rather cautiously and considerately both when
00:10it comes to oil prices at the retail pump and also gas prices, which is great because
00:16historically they have taken every opportunity to gouge, to inflate prices and to maximise
00:22their profits irrespective of their supposed social licence to operate.
00:27So, we know that the Energy Minister, Chris Bowen, has a very big stick in the form of
00:34the threat of a domestic gas reservation underway.
00:38So, we've actually seen gas prices in eastern Australia going down over the last month and
00:44it's great that the ACCC and the federal government's warnings to the petrol retailers is so far
00:50holding good that they're not gouging too excessively.
00:53So, that government intervention, the ACCC crackdown is really having a desired effect
00:59right now that we would like to have all the time?
01:03Yes, it's correct.
01:04But it's Beth bearing in mind the gas export cartel is busy booking about an extra $3 billion
01:11gross profit every single month on the back of Trump's invasion and attacks on Iran, $3 billion
01:19extra LNG profits for foreign companies, Chevron, Exxon, Impex, plus Woodside.
01:27They're booking $3 billion a month.
01:29So, I, like a lot of people, have been saying it's about time when the LNG price globally is doubled,
01:35the gas cartel actually should share some of that windfall with the Australian government
01:40so the government can actually fund things like a 50% cut to the petrol excise, which is
01:46costing us $2.5 billion.
01:48In just three months, a windfall sharing of the extra profits by the federal government
01:54to me is entirely called for.
01:56Tim, towards the beginning of the Iran conflict, it was mid-April to early May was being seen
02:02as a crunch point for Australia, particularly in terms of diesel and supply.
02:07You know, we're now into the later stages of April.
02:10Has that crunch point just shifted further along or is this looking like a brighter future here?
02:18Well, it's positive that six or eight weeks into a new war, that Australia hasn't had
02:24as serious disruptions.
02:25It is worth complimenting Senator Wong, the Prime Minister, Minister Bowen for really proactively
02:32trying to manage fuel security for Australia to work with our key trade partners.
02:38But bear in mind, we do actually have a rather big carrot.
02:41Australia is the third largest exporter of LNG in the world, liquid natural gas.
02:46So, and the number two, Qatar, is out of action thanks to Trump's war on Iran.
02:51So, we do have the rather big carrot to say to countries like China, to Japan, to Korea and
02:58Malaysia and Singapore, if you want our LNG, you've got to maintain the supply of our oil
03:04because two-way trade goes both ways by definition, but we can get priority.
03:10But at the end of the day, it's worth complimenting the government for maintaining supply.
03:14But it does highlight a massive national energy security risk for Australia.
03:20We import 90% of our oil.
03:22It's beyond time.
03:23We put in place measures now to permanently reduce our addiction to imported oil.
03:28That means electrification of our transport, of our freight, of our mining sectors.
03:34That won't impact overnight, but it will mean the next war we are far less vulnerable.
03:39That means we're far less vulnerable.
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