Resources Minister Madeleine King says Australia’s high gas prices are among the highest in the world despite natural resources aren’t due to “something that has happened overnight”.
“There’s international events but also the design of the market and also some of our gas supplies cannot be moved around the country as easily,” she told Sky News Australia.
Ms King said the gas resources in the Northern Territory can be exported to countries nearby but not to Sydney or Melbourne, and the Gladstone gas hub was “built primarily for export”. “That combined with the lack of electricity being produced through coal-fired power stations, existing coal-fired power stations, going offline due to planned and unplanned outages all combine to see this extraordinary price,” she said.
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