Former oil and gas industry leaders, including senior executives from BP and Shell, are warning the Albanese government that Australians risk ongoing price shocks and higher costs if it prioritises fossil fuel development in response to the global energy crisis.

Sixteen ex-executives and professionals – who had worked for companies including Woodside , Inpex, ExxonMobil and Esso – have urged the government to reject calls for fast-tracked gas and coal extraction, arguing it would do nothing to improve the nation’s liquid fuel security.

They said Australia’s limited potential oil reserves – such as the Taroom trough, championed by the Queensland LNP government – would probably offer less than a year of supply even if fully exploited.

“[They] are not a real solution within any realistic timeframe,” the ex-fossil fuel leaders said in a joint statement .…