It has been a long time since I have heard a politician no matter what their political hue describe the oil and gas industry as ‘remarkable’. So three cheers to George Osborn (Britain’s Economics Minister) for recognising the essential nature of the fossil fuel industry to keeping the lights on and industry rolling. And while other European nations are banning the controversial process of hydraulic fracturing to increase gas production, Osborn is giving $0.75 Billion in tax breaks to the gas industry to make Britain a “gas hub”.
While France in the 1970’s saw nuclear as their path to energy independence perhaps the UK will do the same with gas. For a moment there I thought they were going to do that by building 6,000 offshore wind turbines. But that would be utterly stupid – wouldn’t it?