Australians will pay more if Albanese fast-tracks fossil fuel projects, former oil and gas leaders warn

Former oil and gas industry leaders, including senior executives from BP and Shell, are warning the Albanese government that Australians risk ongoing price shocks and higher costs if it prioritises fossil fuel development in response to the global energy crisis. Sixteen ex-executives and professionals – who had worked for companies including Woodside , Inpex, Exxon Mobil and Esso – have urged the government to reject calls for fast-tracked gas and coal extraction, arguing it would do nothing to improve the nation’s liquid fuel security. They said Australia’s limited potential oil reserves – such as the Taroom trough, championed by the Queensland LNP government – would probably offer less than a year of supply even if fully exploited. “[They] are not a real solution within any realistic timeframe,” the ex-fossil fuel leaders said in a joint statement . “The speculative resources spruiked by some would take a decade or more to develop, and provide only a fraction of our energy needs temporarily.” Sign up for the Breaking News Australia email Signatories to the statement included former BP Australia chief executive Greg Bourne, ex-BP vice-president for global projects Russell Smith, and Bernard Wheelahan, a former director of Shell Australia, president of Shell Venezuela, and chair of lobby group the Australian Petroleum Production and Exploration Association (now known as Australian Energy Producers). …