Friday, 9 June 2023

Jekyll and Hunt?

The current UK Chancellor hopes to bribe the North Sea oil and gas industry. He's offering to suspend the 'windfall tax' on their excessive profits, if market prices for Brent oil and gas fall below modestly-lower levels for a short period (https://www.theguardian.com/business/2023/jun/09/north-sea-oil-and-gas-industry-offered-get-out-clause-on-windfall-tax). The Chancellor hopes this will boost North Sea oil and gas exploration investment. This is, of course, exactly what our climate doesn't need. It's also economically strange, as the prices of oil and gas are dictated by international factors. The UK doesn't get 'local' prices for 'local' hydrocarbons. The Chancellor also seems a bit 'split personality'. For attaining his position, he strongly opposed drilling for potential 'fracking' (obtaining oil from shale deposits by forcing liquid into the strata) in his Surrey constituency (https://www.theguardian.com/environment/2022/oct/17/jeremy-hunt-claims-green-tory-chance-prove-it). The Surrey case is going through the law courts. Not a murmur from the Chancellor!

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