The Smart Energy Council has launched a new campaign to tackle greedy gas war profiteering. “In response to the Albanese Government’s proposed price cap on gas and coal, the fossil fuel sector is threatening to wage a $20,000,000 smear campaign against the relief package,” said John Grimes, Chief Executive of the Smart Energy Council. “That multi-million dollar �?special operation’ will be funded by the mammoth profits skimmed from Putin’s war against Ukraine; again demonstrating a clear and urgent need for a war profits tax now, to be placed on the gas industry.” “The Smart Energy Council is initiating a campaign of its own, funded by ordinary Australians and our great renewable energy businesses. A reminder for us all, that Vladimir Putin can’t steal Australia’s sunshine and wind.” “The gas industry in Australia is dominated by overseas multinationals, paying little to no tax on those war profits from fossil fuels. An industry too busy counting its conflict cash to notice the soaring power bills, floods and bushfires it’s driving,” Mr Grimes said.
Following Russia’s invasion of Ukraine, and restrictions placed on Russian gas exports, worldwide energy prices spiked. Australian liquified natural gas (LNG) saw export prices double. The gas sector’s war related windfall, estimated between $26 billion and $40 billion. With little to no change in production costs, in addition to little tax paid – a #SuperProfitsTax is a responsible measure. Not only will domestic supply and price issues reduce, but so to will the incentive for LNG producers to gouge domestic markets. War gains: LNG Windfall Profits 2022.