Looking forward to Novemebr30 Oct 2022 18:07
The situation facing our new PM is unremittingly grim but I picked out two snippets from the Sunday Times that strengthen my view on investing in fossil energy and in particular oil:
“According to a government source, before the pandemic the UK was spending £40 billion annually on energy. It is due to spend £180 billion this year. Treasury forecasts also expect that wholesale gas and energy prices, while falling, are expected to remain at an “elevated level” until at least 2030.” At present there are options being considered to extend the EPL until 2028.
The situation is dire and in the above is the truth being hidden from the public. It hurts us as do all taxes but there is a promise of higher for longer returns on energy production a.k.a sunny uplands. In the near term, protected by tax losses, the company will be shortly debt free with options. These options will require negotiating with the government whichever is in power which brings me to the second article.
Labours’ electability. Presently they can say what they like but are feeding catnip to potential floating voters which requires a right wing slant:
“This explains Labour’s recent attacks: shadow chancellor Rachel Reeves told the government to “get a grip” on immigration, and called for deportations to be ramped up. Similarly, Starmer called last week for stiff sentences for protestors who block roads. This may be distasteful to Labour’s liberal base – but is crucial to attracting swing voters.”
My point is that there is a lot of posturing going on but the likes of juststopoil are tolerated because they are ineffectual. Do not believe everything you read in the papers. It is voters who count and both Tory and Labour know that the silent majority when stirred can really change things e.g. poll tax riots. People will put keeping warm and fed, along with holidays and internet access far higher than global warming. The only place I’ve ever really discussed it [global warming] is on this message board. I almost got on LBC with James O’Brien on Friday. He was spouting tripe but I made the mistake of asking the producer/researcher (you have to get past them) who LBC were sending to COP27 if it is so important. I said sometimes you have to engage rather than stand on the side-lines throwing rocks. I spoiled the narrative which was 'trivia'.
COP27 is a talking shop. Expediency wins 99/100. Hypocrisy is rife e.g. Biden crawling to Saudi Arabia, supporting renewables but releasing SPR’s to get gasoline lower for the midterms because he got a knock back from SA.
Build it, they have to come.
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