Banning new North Sea oil and gas would be ‘madness’
7 June 2023
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Andy Mayer writes in Spiked
IEA Chief Operating Officer and Energy Analyst Andy Mayer has written in Spiked criticising Sir Keir Starmer’s net zero and green job creation policies.
Andy wrote:
“At a time when there is huge demand for reliable, secure sources of energy, and at a time when fossil-fuel industries are growing elsewhere in the world, Labour wants to severely hobble the UK’s oil and gas sector. This would be a colossal mistake.
“Labour would allow residual North Sea operations (over 270 fields) to linger on. But how much longer they’ll be able to is anyone’s guess. They are already threatened by the Tory government’s windfall taxes, which are locked in until 2028 and could rise even further should Labour win the next election. Meanwhile, expensive regulations like the ‘climate compatibility checkpoint’ will continue to cripple the oil sector, regardless of which party is in power. All this is prompting investors to turn away from the UK’s fossil-fuel industries in their droves. And this, in turn, will threaten our energy supplies.”
Read Andy’s full piece here.
Andy wrote:
“At a time when there is huge demand for reliable, secure sources of energy, and at a time when fossil-fuel industries are growing elsewhere in the world, Labour wants to severely hobble the UK’s oil and gas sector. This would be a colossal mistake.
“Labour would allow residual North Sea operations (over 270 fields) to linger on. But how much longer they’ll be able to is anyone’s guess. They are already threatened by the Tory government’s windfall taxes, which are locked in until 2028 and could rise even further should Labour win the next election. Meanwhile, expensive regulations like the ‘climate compatibility checkpoint’ will continue to cripple the oil sector, regardless of which party is in power. All this is prompting investors to turn away from the UK’s fossil-fuel industries in their droves. And this, in turn, will threaten our energy supplies.”
Read Andy’s full piece here.
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