Take your seats, ladies and gentlemen, for Australia’s annual gas pantomime, guaranteed to scare the wits out of struggling consumers.
Every year it’s the same tired script, where the villain is cast as the hero, and crisis is averted in the nick of time. Hurrah! The heating stayed on for another winter. Standing ovation.
Frack that
On Thursday, the Australian Energy Market Operator (AEMO) releases its annual gas statement of opportunities, GSOO as it’s affectionately known. Cue scary headlines and claims of a looming “gas shortage” and a “catastrophic supply shortfall” unless we let the gas cartel unleash more fracking and mining of the fossil fuel.
For media companies, GSOO is manna from heaven — almost guaranteed to deliver a “warning” that, framed a certain way, can scare the bejesus out of people and pull in a big audience. For the gas industry, it’s an opportunity to demand more and more gas expansion and to castigate any government concerned about climate change and the environment.
Nothing short of bull
As Public Enemy sang, don’t believe the hype. There is no gas shortage. Australia has an abundance of gas. It is the third largest exporter of liquified natural gas in the world. Each year, giant gas companies ship offshore far more of the fuel than Australian businesses and households could possibly use. The gas industry uses more of it to liquify the gas for export than Australia’s entire manufacturing industry consumes.