"The UK is making a very big mistake. Open up the North Sea. Get rid of Windmills!" Trump wrote.
"The UK is making a very big mistake. Open up the North Sea. Get rid of Windmills!" Trump wrote.
Oil companies have gradually left the North Sea in recent decades due to the British government's increase in taxes. A November report regarding the intentions of Apache, a division of US oil and gas firm APA Corp, to withdraw from the North Sea by the end of 2029 promoted the president-elect to respond. The company anticipated a 20 percent decline in revenue in 2025, Reuters reported.
The British government announced in October of last year that it would raise a windfall tax on North Sea oil and gas producers from 35 percent to 38 percent and extend the levy for an additional year. The government hopes to raise funds for its renewable energy initiatives using the tax profits from gas and oil. Britain aims to reduce dependency on gas-fired power plants and decarbonize its power industry by 2030.
In July of last year, US oil giant Exxon completed its withdrawal from the North Sea region.
The offshore wind industry in Britain and other European nations has had to reevaluate their investments due to the rising cost of building wind farms more than 62 miles offshore. This is due to increased interest rates, supply chain issues, and technical challenges.
Powered by The Post Millennial CMS™ Comments
Join and support independent free thinkers!
We’re independent and can’t be cancelled. The establishment media is increasingly dedicated to divisive cancel culture, corporate wokeism, and political correctness, all while covering up corruption from the corridors of power. The need for fact-based journalism and thoughtful analysis has never been greater. When you support The Post Millennial, you support freedom of the press at a time when it's under direct attack. Join the ranks of independent, free thinkers by supporting us today for as little as $1.
Remind me next month
To find out what personal data we collect and how we use it, please visit our Privacy Policy
Comments