In early March, we saw the raw power of fossil fuel capitalism on full display in Perth. The Western Australia Environmental Protection Authority (EPA) released a policy requiring big offshore oil and gas operators to provide 100% carbon offsets for all their emissions.
Liquefied natural gas (LNG)
Multinational gas corporations are expected to sell $50 billion worth of Australia鈥檚 liquefied natural gas (LNG) overseas every year, but it will be at least 10 years before the national treasury receives any rise in tax revenue. Even then, many projects will never pay any tax to the government for the resources they export.
The Tax Justice Network (TJN) has criticised the failure of the federal government's review of the Petroleum Resource Rent Tax (PRRT) to recommend a new royalties regime to force the major gas corporations to pay their fair share of tax.
According to the Australian Energy Market Operator (AEMO), electricity supply will be threatened as early as next year by 鈥渟hortfalls in gas鈥, or failing that, households may face cuts to their gas supply.聽
Can the political debate about Australia's 鈥渆nergy crisis鈥 get any more weird?
鈥淒espite the fact that Australia鈥檚 on the verge of becoming the world鈥檚 largest exporter of LNG [Liquified Natural Gas], there鈥檒l be no new revenues from the primary tax on oil and gas for the next two decades and perhaps even longer,鈥 Tax Justice Network (TJN) researcher Jason Ward said on October 10.
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