Climate Energy Finance Director Tim Buckley says we have an unprecedented market failure amid a “cartel” involving three east coast gas producers.
“We have an oligopoly of three east coast gas producers that control 90 plus per cent of the east coast gas production and reserves in Australia,” Mr Buckley told Sky News Australia.
Mr Buckley said the ACCC has defined this “very, very clearly as an oligopoly”.
“I will go one step further and call it a cartel because the definition of a cartel is a group of companies that extract monopoly rents from the public using their pricing power.
“And we have seen prices of gas and coal, but gas particularly, up five to tenfold versus where it was only five years ago.”
Source: Sky News