Trouble Deepens for North Sea Oil and Gas

When the Labour Party came into power, it vowed to tax the oil and gas industry more. Warnings this might backfire fell on deaf years. Now, banks are refusing to lend to North Sea operators. It may well end with energy shortages. “To deliver our clean power mission, Labour will work with the private sector to double onshore wind, triple solar power, and quadruple offshore wind by 2030,” Labour said in a manifesto ahead of the elections. In contrast, their plan for oil and gas was an increased squeeze through taxation and regulation.…