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Australian government welcomes high fossil fuel prices, ships coal to Ukraine
(Climate Home News, 21 Mar 2022) The Russian invasion of Ukraine continues to send shockwaves through global energy markets – sending the price of oil, gas and coal to near all-time highs – but Australia’s government has done little to hide its glee at the increased earnings set to be gleaned by Australia’s fossil fuel industries.
With much of Europe and North America looking to sever ties with Russia, countries have been scrambling for replacement supplies of oil, gas and coal, and it has sent prices surging.
Consumers are bearing the brunt of higher energy prices, with petrol prices surging to unprecedented highs while rocketing coal and gas has seen Australian wholesale electricity futures up almost 30 per cent since the start of the year, also returning to near all-time highs.
The disruption caused by the conflict in Ukraine has contributed to surging global coal prices, exceeding US$450 per tonne (A$608) in some markets.
The price for coal from the Australian port of Newcastle for March delivery is still trading above US$330 per tonne (A$445), a record high. European oil prices are still currently trading above US$110 per barrel, prices not seen since 2014.
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