I have just discovered the following page from the UK Gov regarding shale gas exploration/production.
I am reminded by how President Obama tried to block shale oil and shale gas production in the US with worries about water pollution, earth tremors and many other PC excuses. Luckily corporate America ignored him and the US is now totally energy self-sufficient. I hope that British companies have the same attitude and can deliver what would be a real game changing energy situation for the UK. Oil is now circa 18% cheaper in the US than the global price, combined with their corporate tax rate, gives them a massive global advantage. With the UK being so gas dependent, I really hope we can overcome these political shenanigans and give the UK the industrial and consumer advantage that the US currently enjoy.
The UK became a net energy importer in 2006. It’s hard not to draw a conclusion that the difficulties the country has experience since, from falling living standards, reduced competitiveness in manufacturing, the calls for disintegration of the union and Brexit were all exacerbated by the fact the UK used to be a major exporter and now sees its imports of oil and natural gas rise every year. There is absolutely no doubt the UK needs an energy policy that makes independence a priority. The trouble is there is not much sign of urgency to tackle this issue.Click HERE to subscribe to Fuller Treacy Money Back to top