Posted on 05/29/2008 2:28:31 PM PDT by MinorityRepublican
LONDON -- The British government, pressed for solutions to soaring fuel prices, said it will exempt about 30 existing North Sea crude-oil and natural-gas fields from some taxes and approved the development of two new North Sea oil fields, which could begin production in early 2009.
But the measures, announced as U.K. Prime Minister Gordon Brown and Chancellor of the Exchequer Alistair Darling met with U.K. oil-industry executives to explore ways to increase oil and gas production, seemed unlikely to significantly alter Britain's fuel-price problems.
The British government, like others in Europe, has come under fire in recent weeks from groups that are severely affected by high fuel prices. Tuesday, transport companies sent hundreds of trucks into London to protest high fuel prices, while French President President Nicolas Sarkozy urged countries in the European Union to consider capping fuel taxes.
The measures adopted by the British Wednesday will do little to ease those concerns.
Tax changes to certain North Sea production operations will allow new oil and gas fields to be carved from unprofitable parts of 30 existing fields. This potentially will add 20,000 barrels a day of new production at the fields' peak, the Department of Business, Enterprise and Regulatory Reform said in a statement.
U.K. oil fields produced about 1.5 million barrels of oil a day in 2007, according to government figures.
The 30 fields will be exempted from the Petroleum Revenue Tax, which is levied at 50% of cash flow after capital expenditures and operating costs on oil produced in the North Sea above a specific allowance for each field. It applies only to fields that received development consent before March 1993.
(Excerpt) Read more at online.wsj.com ...
It might take a convoy going to Washington to get those heads out of their a##holes!
The E.U. nations need to wake up and do the ONE thing that will get lower prices, and take all the blame off them:
Make a big stink about how the U.S. is sitting on potentially 1 trillion barrels of oil that we don’t want to drill for because our environmentalist loons control Congress.
Worldwide demand is approaching 100 million barrels/day. That means that about 120 million easily-extractable barrels of oil need to be discovered every single day throughout the world to prevent the price from rising further.
Price is not based on current supply, it’s based on projected supply. So far this decade, new discoveries have not kept pace with the long-term demand, so it was inevitable that we’d be facing record prices.
We are in deep doo-doo unless someone pulls a next generation nuclear rabbit out of their hat.
It’s a sad day when Gordon Brown, the stupidest socialist in Europe, is smarter than the whole U.S. congress put together.
We are so stupid to be afraid of these watermelons about drilling.
Plus, the U.S. has over 1/4 of the world’s known coal reserves.
Ditto to that. Also, Brown announced the UK is going to add more nuclear reactors. The Demos love to point to Europe as the example to follow. For some reason they are not so keen to follow Europe on oil/gas production and nuclear power.
Britian gets it. Conservatives in charge.
Mark my word.
Wish our Congress loved America more than they hate Republicans or we might find ways to cooperatively drill for oil.
Even the liberal British are getting it on oil production...
Hello... is anyone home in the US Congress? Anyone with even half of a functional brain?
Dear Nancy Peoloooozer.... Did you mother have any children who didn’t suffer from Oxygen deprivation after birth?
The 1987 Energy Bill authorized drilling in ANWR, but a filibuster by Senate Democrats kept the measure from coming to a vote. In 1995, Republicans prepared to take up the battle again and included a provision for ANWR in the federal budget. President Bill Clinton vetoed the entire budget and expressed his intention to veto any other bill that would open ANWR to drilling.
Liberals are responsible for high fuel prices. In both the US and UK.
I am afraid that it will take far more than that.
Were I live, the odds of a terrorist hurting me is extremely small, but those bastard traitors in Washington are killing us all.
Were = Where
They should also gasify the coal they have into syngas...
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