Australia unveils gas reservation system aimed at lowering domestic prices

Government says plan will help create 'downward pressure' and ward off shortages

Australian LNG Tanker Northwest Sandpiper is at anchor in Yokohama port, near Tokyo, on April 12, 2022. © AP

CANBERRA -- The Australian government on Thursday announced a plan that will require east coast gas producers to reserve a portion of their supply -- equivalent to 20% of their exports -- for the domestic market with the goal of lowering prices for local users and easing shortfalls in the country's southeast.