From NOT A LOT OF PEOPLE KNOW THAT
By Paul Homewood
h/t Doug Brodie
From the Telegraph:
Labour’s tax raids have made producing North Sea gas more expensive than importing gas from the US, energy experts have warned.
The cost of drilling and delivering new gas from the UK Continental Shelf is now about 50pc higher than the cost of sending US liquefied natural gas (LNG) to Europe, according to analysis by Thunder Said Energy.
This is despite the fact the American figure includes extraction, the cost of liquefaction and shipping the gas thousands of miles across the Atlantic.
Analysts at Thunder blamed the “totally crazy” oil and gas windfall tax first imposed by the Conservatives, and then expanded under Labour, for driving up the cost of production.
This was discouraging investment and leaving the UK more dependent on imports at a time of rising geopolitical turmoil, they said.
The analysts added that if the tax burden were eased and political uncertainty reduced, the cost of North Sea production could be cut in half.
Full story here.
Words fail me!
