Why oil prices are so high

Why some fuel stations have run low

Will Australia see fuel rationing?

Fuelling inequality

Australia's missed opportunities

Cutting the fuel excise

Taxing gas ISN'T a diplomatic risk

Petrol and diesel prices are sky high because of the illegal US-Israel war on Iran, but major fuel shortages in Australia are very unlikely. 

Matt Grudnoff and Ebony Bennett discuss Australia’s relatively strong position in global energy supply chains. Matt explains why some petrol stations have run low despite overall fuel supplies remaining steady, how the price hikes are fuelling inequality, and why Scott Morrison’s 2021 claim about an electric vehicle policy putting an “end to the weekend” now looks even more absurd than it did at the time.

This episode was recorded on Tuesday 31 March.

You can sign the Australia Institute’s petition calling on the federal government to make gas exporters pay their fair share.

Guest: Matt Grudnoff, Senior Economist, the Australia Institute // @mattgrudnoff

Host: Ebony Bennett, Deputy Director, the Australia Institute // @ebonybennett

Show notes:

Fuel costs and RBA hikes equal to a 90 basis point rate rise: 'this is brutal' by Greg Jericho, The Point (March 2026)

Fuelling inequality: The brunt of a global crisis should not be borne by people in poverty by Kristin O’Connell, The Point (March 2026)

The case for a gas export tax, explained by Richard Denniss, The Point (March 2026)

Theme music: Pulse and Thrum; additional music by Blue Dot Sessions

We’d love to hear your feedback on this series, so send in your questions, comments or suggestions for future episodes to podcasts@australiainstitute.org.au. Subscribe to Follow the Money on Apple Podcasts, Spotify, Pocket Castsor wherever you get your favourite podcasts.

Petrol and diesel prices are sky high because of the illegal US-Israel war on Iran, but major fuel shortages in Australia are very unlikely.&nbsp;
Matt Grudnoff and Ebony Bennett discuss Australia&rsquo;s relatively strong position in global energy supply chains. Matt explains why some petrol stations have run low despite overall fuel supplies remaining steady, how the price hikes are fuelling inequality, and why Scott Morrison&rsquo;s 2021 claim about an electric vehicle policy putting an &ldquo;end to the weekend&rdquo; now looks even more absurd than it did at the time.
This episode was recorded on Tuesday 31 March.
You can <a href="https://nb.australiainstitute.org.au/gas_export_tax_b">sign the Australia Institute&rsquo;s petition</a> calling on the federal government to make gas exporters pay their fair share.
Guest: Matt Grudnoff, Senior Economist, the Australia Institute // <a href="https://bsky.app/profile/mattgrudnoff.bsky.social">@mattgrudnoff</a>
Host: Ebony Bennett, Deputy Director, the Australia Institute // <a href="https://bsky.app/profile/ebonybennett.bsky.social">@ebonybennett</a>
Show notes:
<a href="https://thepoint.com.au/news/260326-fuel-costs-and-rba-hikes-equal-a-90-basis-point-rate-rise-this-is-brutal">Fuel costs and RBA hikes equal to a 90 basis point rate rise: 'this is brutal'</a> by Greg Jericho, The Point (March 2026)
<a href="https://thepoint.com.au/opinions/260331-fuelling-inequality-the-brunt-of-a-global-crisis-should-not-be-borne-by-people-in-poverty">Fuelling inequality: The brunt of a global crisis should not be borne by people in poverty</a> by Kristin O&rsquo;Connell, The Point (March 2026)
<a href="https://thepoint.com.au/explainers/260323-the-case-for-a-gas-export-tax-explained">The case for a gas export tax, explained</a> by Richard Denniss, The Point (March 2026)
Theme music: Pulse and Thrum; additional music by Blue Dot Sessions
We&rsquo;d love to hear your feedback on this series, so send in your questions, comments or suggestions for future episodes to <a href="mailto:podcasts@australiainstitute.org.au">podcasts@australiainstitute.org.au</a>. Subscribe to Follow the Money on&nbsp;<a href="https://podcasts.apple.com/au/podcast/follow-the-money/id1078781512">Apple Podcasts</a>,&nbsp;<a href="https://open.spotify.com/show/0JOrvYNuhHOwaFuZ7PlW1d?si=e9265dc6a04d40b3">Spotify</a>,&nbsp;<a href="https://pocketcasts.com/podcast/follow-the-money/2aeecbb0-b36a-0133-2e57-6dc413d6d41d">Pocket Casts</a> or wherever you get your favourite podcasts.

Economics and politics explained in plain English

Economics and politics explained in plain English

Follow The Money

Economics, politics and policy explained in plain English.

Economics, politics and policy explained in plain English.

Petrol and diesel prices are sky high because of the illegal US-Israel war on Iran, but major fuel shortages in Australia are very unlikely. 