UK jobs and companies would “pay the price” if ministers agreed a ban on new North Sea exploration, according to a senior industry source.
The UK’s leading oil and gas industry trade body has said any potential ban on new exploration in the North Sea would put the country’s net zero future at risk.
UK ministers are considering a ban on new oil exploration licenses in the North Sea as a move away from fossil fuels, a step that could hit jobs and the Scottish economy, the Telegraph reported.
The UK government must bring forward by a decade its ban on the sale of the most polluting cars if it wants to even come close to its climate change goals, new analysis showed.
President Barack Obama has imposed a permanent ban on oil and gas drilling in most US-owned waters in the Arctic Ocean.
US Republican Presidential candidate Donald Trump said communities in Colorado should be allowed to determine whether fracking is allowed – despite a ruling in the state which means there can be no ban on shale gas extraction.
The Scottish Government has said it will continue to explore the potential for fracking in Scotland despite a vote in parliament in favour of an outright ban.
MSPs have voted by 32 to 30, with 61 abstentions, in favour of a Scottish Government motion, amended by Labour and the Greens, calling for an outright ban on fracking and stating it and other forms of unconventional gas extraction are “incompatible” with Scotland’s low-carbon ambitions.
The Scottish Greens have launched their election campaign with pledges to deliver more than 200,000 “clean green” jobs, reform land ownership and ban fracking.
Restrictions on US crude exports may disappear. That doesn’t mean the sky is falling for refiners. A Bloomberg index of 11 US independent refiners rose 2.3 percent in New York Wednesday, after congressional leaders agreed on a deal to lift a 40-year ban on most oil exports. Some refiners, which process crude into gasoline and diesel, would get a tax break on the cost of transporting oil as part of the deal. The break is expected to be $119 million in 2016, or about 0.5 percent of next year’s combined pre-tax profits of the refiners in the index, according to government and analyst estimates.
Portland, Oregon has drawn a line in the sand, banning all new oil, coal or natural gas export infrastructure in the city.
A bill to pass the 40-year-old ban on US oil exports has been passed by the Senate Banking Committee. The bill, which was sponsored by Democrat Senator Heidi Heitkamp from North Dakota, passed 13 to 9. The politician was the only person from the Democrats to vote for the measure.