Calls are growing for the federal government to change the rules around Australia's natural gas exports, though energy bosses warn a new tax could trigger a crisis of its own.

New modelling by The Australia Institute suggested a 25 per cent tax on gas exports could fill the national coffers with almost $350 million a week.

"The longer we delay implementing a gas export tax, and the longer the government defends the failed PRRT (Petroleum Resource Rent Tax), the more it is costing the Australian people," The Australia Institute co-chief executive Dr Richard Denniss said.

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"Australia Institute research shows voters across the political spectrum, from One Nation to the Greens, overwhelmingly support a 25 per cent tax on gas exports.

"Properly taxing our gas exports could raise $17 billion every year to help pay for Australian schools and hospitals."

The report estimated that if the Albanese government had implemented an export tax in July 2022, shortly after taking power, it would by now have brought in $68 billion.

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Amid the ongoing fuel crisis brought on by the US attacks on Iran and Iran's subsequent closure of the Strait of Hormuz, other experts say creating a larger gas reserve could keep Australia more resilient to the global shock.

"The move toward renewable sources of electricity, such as solar and wind, which do not depend on global energy markets, is the most important part of this transition," economics lecturer Dr Scott French from the University of New South Wales said.

"But even powering electric vehicles with energy generated from fossil fuels that are abundant domestically, like coal and natural gas, also increases Australia's resilience."

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However, energy companies have warned against the idea, saying it will squeeze smaller operators out of the market, reduce investment, and damage regional trade.

The Australian Financial Review reported Chevron executive Danny Woodall told a gas industry conference in Sydney the prospect of investors jumping ship was not a case of "crying wolf".

"If the ground continues to shift between your feet you move your feet to a different spot," he said.

And speaking to the same masthead, Beach Energy chief executive Brett Woods said the government's other proposal to create a larger strategic gas reserve domestically was flawed, though he supported the idea in principle.

Under the proposal, Queensland gas exporters would have to put 25 per cent of their harvest into the domestic market.

"Forcing the domestic producers to have to compete against subsidised LNG volumes materially distorts the market and puts the 66-75 per cent of gas supply at significant risk," Woods told the AFR.

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