Dow calls for use it or lose it policy on gas reserves

DOW Chemical says it has had to abandon potentially large Australian investments because gas producers are hoarding reserves for east coast exports.

The Australian reports that in a submission to the federal Industry Department, the US industrial giant has called on Tony Abbott to pursue use-it-or-lose-it policies for onshore gas before public opinion demands gas be reserved for domestic use.

>> National lobby group says solution to rising gas prices is more gas

The company did not provide information on the investments.

Dow has a been a vocal opponent of no-holds-barred export of Australian gas, instead calling for policies that promote manufacturing.

Gas buyers are becoming more vocal as $70 billion of coal-seam gas export projects being built at Gladstone near completion, threatening to triple east coast gas demand in two years, send prices surging and cause gas shortages.

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