Labor looks to gas reserve Resources Minister Madeleine King is...

Labor looks to gas reserve Resources Minister Madeleine King is considering an east coast gas reserve to address the energy crisis, as fossil fuel giants push for approval of more gas projects.What we know:Gas prices have skyrocketed from $10 a gigajoule a few months ago to as high as $800 a gigajoule this week (The Conversation); Businesses are warning they will collapse if soaring gas and electricity costs are not brought under control (ABC); King on Thursday called the heads of Shell and Origin to discuss how industry could voluntarily work with the government to reduce prices (The Australian $); The new resources minister flagged an east coast domestic gas reserve as an option, but said a trigger mechanism to force exporters to divert gas to domestic users would not work fast enough to be of use;Santos chief Kevin Gallagher blamed skyrocketing prices on an insufficient number of project approvals (AFR $); Australia however already produces far more gas than it needs, but has tripled exports since 2015, sending 85% of its gas overseas;International prices for gas have soared due to sanctions on Russian exports linked to the war in Ukraine;New energy minister Chris Bowen accused the former Coalition government of leaving a “bin fire” on market regulation, and said Labor’s renewables plan would help but not in the short term (Renew Economy); The Greens have called for the government to subsidise households to ditch gas for electrical appliances.