Held Out To Dry By The Powerful!

The head of the United Nations has accused oil and gas companies of “grotesque greed” and urged every government to impose a windfall tax on their “immoral” record profits.

António Guterres, UN secretary-general, said money made “on the backs of the poorest” must be returned to the most vulnerable households just days after BP and Shell reported massive profits in the wake of the Ukraine crisis.

Tony Wood, the head of the energy program at the Grattan Institute in an opinion piece in the AFR, says that the latest, six-monthly Gas Inquiry Report released on Monday by the Australian Competition and Consumer Commission (ACCC) does not go far enough.

The findings of the latest Gas Inquiry Report make for depressing reading. The concerns identified are severely harming both gas and electricity consumers, and we have not yet seen the worst.

We covered this report in an earlier show, and also discussed it last Tuesday on our live show with David Llewellyn Smith. Put simply the Energy cartel are taking Australians to the cleaners, and making excess profits in the process – largely war-induced thanks the Russia Ukraine situation. 97% of the Gas conglomerates are offshore owned, and so the excess profits are going offshore, whilst crippling the local economy, businesses and households.

Tony Wood makes the point that the stated objective of Australia’s national gas market is to supply natural gas services for the long-term interests of consumers. But this is simply not the market described in the latest ACCC report.

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Written by Walk The World


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  1. There is not one video to pass without martin saying "Russia's invasion of 'ukraine'"…..he is either Catholic supporting the Vatican side of things trying to steal Russian land, or just regurgitating biased Western media.

  2. Every business has good and bad years. With moronic bureaucrats attacking the oil industry, that’s exactly how we got here today. Energy shortages begets high prices. They caused the shortages. Profiteering isn’t exclusive to oil companies. Every corporation that can is gouging the citizens with the government holding the door for them. Yet, the likes of the WEF say that this is their vision of “stakeholder capitalism”. All the need now is the licence to do whatever they like with zero recourse. Revolution is needed. Meantime all we can do is wish these miserable old octogenarians drop dead and leave us alone

  3. Gas prices will follow interest rates higher all due to governments and a woke RBA . Selling off our gas to gas multi national co. Is a crime against the population by government .

  4. The foolish privatisation agenda has failed Australia badly.Overdue time for the big nationalisations to begin,telecommunications,resources,especially banking,etc.Australia for Australians.

  5. Perhaps all future energy projects should follow the public private partnership model whereby the fed govt. provides a percentage of funds for resource development and a receives a share of profit and a reserved amount of supply in a JV with every company that wants to exploit Australia’s reserves. Surely this would be more beneficial than the massive and opaque tax breaks given to these same companies. Also, didn’t that disastrously lopsided FTA with the US entered into by Abbot and Turnbull allow private US companies to sue the Fed government in event of economic loss? Wouldn’t we be opening ourselves up to this if we failed too meet the agreed terms of the contract and seized some of the gas for ourselves at a non market price? Our leaders have failed us again and I wonder how many time it can happen before anyone really cares. People will bit h and moan about their bills but not take any action. “She’ll be right. I’ve got equity mate.”

  6. As I have remarked before, bring on Bobbie Bobblehead to explain the historical reality of this to you Mr. North. He is well aware of the Reality in which Australia exists. For better or worse you have to respect the tireless crusading of the Citizens Party on these issues . It's time you stopped this wishful thinking and understood why what you want is not going to be what you get. Bobbie knows. Ask him to tell you about the phone call Keating got from Salomon Brothers in 1985 when he came up with the good idea of introducing a withholding tax. Reisling Rants from the pickled parasites of Finance Capital are only going to give you part of the story.

  7. I'm not feeling too bad after putting 20 grand into an off-grid solar setup with multiple redundancies. My freezers stay shut and are timed for daytime use. My hot water is timed to only run during the day. It works a treat, I also turned dow the degree setting.

  8. Im in the UK. The same people in the press who are horrified by the level of the price cap are THE SAME ONES who think we should be all in on sanctions against Russia.

    The press is full of stupid people. But then we get the press we deserve.

  9. Kinda ironic when you’ve got politicians and all these environmental groups basically decrying the fossil fuel industry for raising the cost of living, “hurting the poorest the hardest” etc. Not only are they basically demanding that fossil fuels remain available and cheap, but they’re also not delivering on renewables is supposed to render fossils fuels obsolete and at a lower cost.

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