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The Latest Breaking News from Gas Prices

Federal Treasury secretary Stephen Kennedy recommends government intervene in energy market to drop power prices

The federal government's chief economic advisor endorses market intervention to cap or reduce coal and gas prices, warning unusually high company profits are coming at the expense of poorer Australians.

ABC News

Solar boom set to accelerate as electricity and gas prices soar and payback times shorten

Australians households and businesses are expected to speed up the transition to renewables as energy prices soar and payback periods for solar and batteries shorten.

ABC News

The federal government already has a windfall tax on gas profits. But while gas prices soar, is the tax doing its job?

Australia is one of the world's largest LNG exporters, and those companies selling gas to the world are in a prime position to capitalise. So how much are Australian taxpayers making from the sale of Australian gas?

ABC News

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Last winter’s heating costs were bad. This year could be worse, with Chicago-area gas bills expected to spike another 30%

It may cost hundreds of dollars more to stay warm this winter in Chicago and the suburbs, with rising natural gas prices and ongoing ratepayer-funded repair work projected to raise bills by as much as 30% over last year.

Chicago Tribune

ACCC pushes for tougher gas regulations

The government and the consumer watchdog are assessing several options to rein in soaring gas prices, including a mandatory code for gas retailers.

AAP

Why the focus on energy prices? Inflation is more likely to be driven by surging housing, transport and food costs

Increases in electricity and gas prices are less to blame for the cost-of-living squeeze than many other components. Here’s why

The Guardian - AU

BP profits soar in 3Q as pressure increases for windfall tax

BP’s earnings have more than doubled in the third quarter as the London-based energy giant benefited from high oil and natural gas prices following Russia’s invasion of Ukraine

The Independent UK

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Thousands of Irish households face €200 increase in electricity prices next month

Energy provider Prepay Power has announced their unit rate of electricity will be rising by 9.9% from December 1

Dublin Live

IMF: Diversified Gulf Economy Improves Financial Balance

Gulf Arab oil exporters are expected, on average, to put away about 33 percent of their oil revenues over 2022-26, which will lead to an overall improvement in the financial balance, according to the International Monetary Fund (IMF). The IMF said in its latest report that higher oil and gas…

Asharq Al-Awsat

BP profits almost tripled to £7.1bn amid high oil and gas prices

Soaring oil and gas prices have contributed to the profits

Manchester Evening News

AP source: Biden to float windfall tax on energy producers

President Joe Biden plans to raise the possibility of imposing a ‘windfall tax’ on oil companies, as his administration aims to combat high gas prices just days before the midterm elections

The Independent UK

Gas prices soared by 37% in first half of 2022, EU figures reveal

Latest figures also show the rate of increase in energy costs in Ireland has been moderate compared to many EU member states

Irish Mirror

Wholesale gas prices add to falls on Halloween, easing cost of living scare

Wholesale natural gas prices fell by over a third during October, helped by the mild autumn weather

Evening Standard

How to keep your heating bills down at home this winter as gas prices rise

The average annual energy bill for UK households now sits at £2,500

The Independent UK

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AAP

Treasurer taking gas price cap 'seriously'

Jim Chalmers says he's taking calls to implement a cap on gas prices seriously as power costs continue to climb for households and small-business owners.

Reuters

Germany set to attach conditions to gas price 'brake', sources say

The German government is likely to insist companies that benefit from a planned "brake" on gas prices meet conditions, such as staying in the country or preserving 90% of the jobs they provide for a year, sources familiar with matter told Reuters.

Zenger

The War In Ukraine Could Bring Higher Winter Heating Bills In The US

When it comes to natural gas prices, the U.S. is in a much better position than the European Union.

WEKU

How Biden changed his tune on inflation as prices soared and the midterms loomed

At first, the White House said inflation would be a temporary issue. But it quickly became the top economic priority — and major source of midterm political pain — for President Biden.

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The Guardian - UK

ExxonMobil’s record-breaking $20bn profit nearly matches Apple’s

Oil company’s third-quarter result smashes Wall Street forecasts – as does Chevron’s £11.2bn

The Guardian - US

Democrats on the defensive as economy becomes primary concern over abortion

Polls indicate tide shifting toward Republicans with high inflation rates and gas prices working in their favor

The Independent UK

Inflation, gas prices looming over sports biz, concessions

Persistently high inflation and gas prices are looming over sports and the monetary pipeline that resumed when fans returned to games amid the pandemic

WEKU

Whether gas prices are up or down, don't blame or thank the president

Prices at the pump are falling, which is welcome news for Democrats this election season. But politicians have very limited control over energy costs.

The National (Scotland)

Shell more than doubles third-quarter profit as energy bills soar

OIL giant Shell added almost $10 billion in extra profit as gas prices remained high.

Daily Mirror

Shell profits more than DOUBLE to huge £8billion as Brits struggle against sky-high bills

Shell profits more than doubled to $9.45billion (£8billion) between July and September - up from the $4.2billion the energy giant recorded the same time last year

The Conversation

Cheaper gas and electricity prices are within Australia's grasp – here's what to do

Virtually every country in the world is facing a crisis in energy costs, yet while other countries can’t do much about it, Australia can.

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