Posted on 07/08/2009 8:55:25 PM PDT by rdl6989
The UK is heading for an "energy crunch" after new oil and gas exploration in the North Sea dropped 57pc in the first half of this year. A report by Oil & Gas UK, the industry group, showed that companies are cutting back on new projects as costs rise and funding is scarce during the recession.
Investment in the industry fell to £4.8bn last year, down £1.2bn over the last two years, and it could drop below £3bn next year. The report estimates that £5bn a year is needed to maintain exploration.
(Excerpt) Read more at freerepublic.com ...
Oops, here’s the link:
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Obviously the UK does not get it. Solar and wind power is the in thing now. Just ask Obama. Those carbon fuels are so passe.
‘Cheap’ oil leads to more expensive oil. Just wait.
Their goobermint has crippled them just like our goobermint is trying to cripple us !
But do we learn from their example ?
Heck no !
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