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ACCC explains ‘triple-whammy’ that is driving up domestic gas prices

The ACCC says consumers are paying for a ‘triple-whammy’ of factors driving up gas prices.

On Wednesday, Tom Elliott heard that gas suppliers in Australia were acting like a ‘cartel’ in controlling prices. 

But ACCC Chairman Rod Sims said that isn’t the case, and would be the ACCC’s top priority if it was.

Mr Sims told Tom there are three events that have come together to inflate domestic gas prices:

  1. Three big, concurrent LNG (liquefied natural gas) projects with a massive demand for gas
  2. Uncertainty over future prices
  3. Moratoriums on new gas development

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