Plunging oil price could see gas prices plummet and renewables hurt

The recent huge spike in Australian gas prices has been driven by LNG contracts - contracts that tie its price to that of oil. The plunge in the oil price could mean cheap gas again with flow-on implications for the competitiveness of wind and solar power.

It’s quite astounding to go past petrol stations and see the price below a dollar per litre. It’s something I never thought I’d see again.

Since September the oil price has fallen off a cliff. The price of a barrel of Brent crude has been cut in half from above $100 to now sitting below $50.

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