Ex-gas executives warn against fuel price shock

Former oil and gas industry leaders are urging the Albanese government to reject calls for fast-tracked fossil fuel development in response to the global energy crisis. The warnings come from 16 ex-executives and professionals who had worked for companies including BP, Shell, Woodside, and Exxon Mobil.

Experts say gas and coal won't solve australia's fuel crisis

These executives argue that Australia's limited potential oil reserves would not improve the nation's liquid fuel security even if fully exploited. They point out that speculative resources touted by some would take a decade or more to develop and provide only a fraction of energy needs temporarily.

Signatories to the statement include former BP Australia CEO Greg Bourne, ex-BP vice-president Russell Smith, and Bernard Wheelahan, a former director of Shell Australia and president of Shell Venezuela. They contend Australia should focus on policies that accelerate renewable energy deployment, modernize the grid, and support large-scale electrification to minimize reliance on oil.

Their intervention comes as the federal government considers expanding support to ensure fuel supplies in the upcoming budget and the federal Coalition and the gas lobby push for faster approvals of fossil fuel projects. Prime Minister Anthony Albanese has dismissed a campaign for a gas tax with strong community support, calling it dishonest and populist.

According to the ex-gas and oil leaders, expanding drilling and quickly approving new fossil fuel projects would risk locking Australia into outdated infrastructure and exposing households to ongoing price shocks. They argue that some gas would still be required, including to firm renewable energy generation, but Australia already has enough to meet future demand.