Australia has enforced temporary limits on domestic oil and natural gas prices on the pretext of tackling rising prices, but the move has provoked a heated backlash from energy firms that say it would deter investment in new projects. Although Australia is one of the world’s largest suppliers of coal and gas, gas and electricity prices have been rising in the country over the past few months. Such price hikes are due to skyrocketing international prices since the Ukraine-Russia crisis earlier this year, as well as the inability by the federal and state governments to secure ample gas supply for domestic use.
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