The Anthony Albanese government is threatening to use reserve powers to limit gas exports unless producers guarantee sufficient domestic supply, according to the ABC.

The move comes as Australia faces its worst energy crisis in decades, with global fuel shortages triggered by the Iran conflict driving domestic gas prices through the roof. Mate, there's a whole continent and a thousand islands down here that matter. And right now, we're exporting our own gas while Australians can't afford to heat their homes.

The federal government is preparing to wave what's known as the "big stick" - rarely-used powers under the Australian Domestic Gas Security Mechanism that allow Canberra to restrict LNG exports if domestic supply is threatened.

Energy Minister Chris Bowen made it clear that gas companies have a choice: preserve enough gas for local use, or face export controls. "We will not stand by while Australian families and businesses struggle with energy costs while our gas gets shipped overseas," Bowen told parliament.

The threat is directed at the big three exporters - Shell, Santos, Chevron, and Woodside - who have more than doubled their profits since the Ukraine war began, amassing over $92 billion in 2022 alone.

Australia is the world's largest LNG exporter, shipping most of its gas to Japan, China, and South Korea. But here's the absurd bit: we export so much gas that we sometimes face domestic shortages, forcing prices up for Australian households and businesses.

The gas security mechanism was introduced in 2017 but has never been formally triggered, though the threat of its use has previously convinced exporters to divert more gas to the domestic market.

Industry groups predictably warned against government intervention, with the Australian Petroleum Production and Exploration Association claiming that export restrictions would Right. Because investor confidence matters more than whether Australians can afford heating.