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The Guardian - AU

National

Patrick Commins Economics editor

Australian energy bills could surge as Iran conflict drives up global gas prices

Gas Prices United States Kevin Morrison Iran Ukraine Russia Tony Wood Electricity

A liquid natural gas refinery and harbour in Qatar — A liquid natural gas refinery and harbour in Qatar. The country has shut down LNG production after Iranian drones attacks, with global gas prices rising sharply as a result. Photograph: Avalon/Construction Photography/Alamy

The US-Israel strikes on Iran risk a repeat of the 2022 energy shock that forced power bills up by more than 40%, sent Australian businesses to the wall and forced governments to spend billions on power bill subsidies.

The stark warning from experts follow news that Qatar, the third-largest liquefied natural gas exporter, had stopped production after Iranian drones on Monday attacked its sprawling Ras Laffan complex.

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