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Woodside and Santos super profits, energy bills still to shoot up. What’s the Scam?

by Michael West | Oct 20, 2022 | What's the scam?

Gas companies Woodside and Santos just released record profits. Australia is the world’s biggest gas exporter, and Alinta’s chief has predicted energy bills will rise by another 35%. What’s the scam?

The scam is “export parity pricing”. Though we are swimming in gas, the gas cartel exports most of it and the price Aussie customers have to cop is the export price, a price rocketing thanks to Putin’s war on Ukraine. The other scam is we are not taxing them enough because of the other scam, fossil fuel political donations and lobbying. Or earmarking supply for local markets for that matter.

Surging domestic and foreign demand just drove Santos to record sales for both the September quarter and the year to date, while free cash flow topped $1.6 billion for the three months.

Woodside Energy upped it guidance again after recording a 70% surge in third quarter sales. Another all-time high. Meanwhile, as prices soar, oil and gas companies are radically reducing their exploration worldwide, which will keep prices higher longer.

The scam is there is not even half a decent plan to tackle soaring prices and profits while foreign shareholders are the big winners. See the Tim Buckley plan below for a carbon export

Check out this chart on the hugging correlation between gas and electricity prices. Gas drives the price.

 

Better than Buckleys: a real plan to tackle energy prices, climate and the Budget to boot

Michael West established Michael West Media in 2016 to focus on journalism of high public interest, particularly the rising power of corporations over democracy. West was formerly a journalist and editor with Fairfax newspapers, a columnist for News Corp and even, once, a stockbroker.

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