The Albanese government could soon intervene to start fixing one of the biggest ongoing public policy fiascos in this country's history: Australia's rampant, uncontrolled gas export industry.

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The gas industry has been trying to convince us all there is a gas shortage, but that's nonsense and it will no longer fly. Politicians from across the political spectrum now acknowledge that Australia has a gas export problem.

It is hard to understate what a complete disaster unlimited gas exports have been for Australian households and business.

Around 80 per cent of Australia's gas is used for export. In just the past five years, governments have allowed the export of enough gas to supply Australia for more than 20 years.

Since Australia began exporting gas in 2015, domestic gas prices have tripled, and electricity prices have doubled. The Opposition Leader, Sky News, and others like to blame renewables (more on that later), but excessive gas exports are the main reason wholesale electricity prices have doubled.

And what do Australians get in return for using 80 per cent of our gas for export? Apart from higher energy bills, we get bupkis. Peanuts. Chump change. Australia Institute research shows multinational gas export companies paid zero royalties on over half the gas they exported overseas.

In just four years, the Australian government gifted the big multinational gas companies $149 billion worth of LNG, for free. The government collects more money from HECS than from the main gas tax, the Petroleum Resource Rent Tax (PRRT). It's highway robbery. The federal government has been letting gas export companies get away with ripping off Australians for too long.

So, the news that the Albanese government may soon curb uncontrolled gas exports is as welcome as it is overdue. The government has accepted that gas exports are causing supply shortages and........

© Canberra Times