Can't understand why the state premiers are backing themselves into a corner over this. At best the bans are virtue signalling with no significant impact in terms of environmental outcomes as found by several inquiries into gas extraction. However, they are having a very detrimental impact on the cost of energy in these states, estimated to be in the order of a Au$ one billion per year. If it was a political decision to gain a few greenie and lock the gates votes, they must be some of the dearest votes yet in Australian political history. Not a record to be proud of.
A pointless guesture that is beginning to have some real political pain for the pollies involved. I would have imagined that the Fed's approach would give them a chance to flip on their stance and sheet the blame back on Turnbull. Chance to save some face and rescue their economies from this shocking own goal.
They are going to have to cave in at some point as the consequences of the policy cannot be avoided, explained away, ignored etc... In the medium to long term.
As for expecting other states to produce their gas for them, what a nerve!
LKO Price at posting:
0.2¢ Sentiment: Hold Disclosure: Held
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