FORTESCUE Metals has called for the enforcement of "use it or lose it" policies to ensure oil and gas companies develop fields they are sitting on.
The world's fourth largest iron ore miner announced in January it was switching from diesel to cheaper natural gas to power its operations.
However amid nationwide fears of domestic prices soaring as more gas is exported, Fortescue chief executive Nev Power said Western Australia had abundant gas reserves that should ensure enough cheap power locally.
Mr Power was launching a Fortescue-commissioned Deloitte Access Economics report that calls for the state's gas reservation policy to be dumped.
The policy - which reserves gas for domestic use - was not having its intended effect of keeping domestic prices lower than high-priced exports, but rather discouraging the development of some leases, the report found.
Instead Deloitte found imposing retention lease "use it or lose it" policies on gas reserves more suited for domestic use was a better idea.
If oil and gas companies did not develop the fields, Fortescue might consider doing it themselves as a last resort, Mr Power told reporters on Thursday.
Deloitte's report found the strict implementation of the retention policy should reduce domestic gas prices to $3.20 a gigajoule by 2020 and $5.74 by 2025.
Deloitte economist Chris Richardson said the impact of secure long term gas on Western Australia's economy would be significant.
It would generate 2,100 extra jobs and an estimated increase in gross state product of about $2.5 billion, he said.
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