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Donald Trump attacks UK’s North Sea policy as ‘very big mistake’

by Investor News Today
January 3, 2025
in Market Updates
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Donald Trump attacks UK’s North Sea policy as ‘very big mistake’
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Donald Trump has criticised the UK’s plan to shift away from North Sea oil and gasoline manufacturing, within the newest salvo towards Sir Keir Starmer’s authorities from the incoming US administration. 

The president-elect stated the UK was “making a really massive mistake”, including it ought to “open up the North Sea” and “Get Rid of Windmills”, in a publish on his Fact Social social media web site. 

It was unclear what prompted the publish, which included a hyperlink to an article from November by which APA Company, which owns US oil producer Apache, stated it will wind up its North Sea operations by 2029 warning excessive taxes and environmental laws made them “uneconomic”. 

Apache itself halted drilling within the North Sea in June 2023, earlier than Starmer’s authorities took workplace in July final 12 months.

Trump’s digital intervention places him immediately at odds with one of many cornerstone insurance policies of the Labour authorities, to shift the UK away from fossil fuels within the coming years.

The publish signifies a willingness by the incoming US president to weigh in on home insurance policies of different nations that was a function of his first time period in workplace, one thing that might additional hamper relations with the UK.

Apache’s Beryl Alpha platform in the North Sea near Scotland
Trump’s criticism in a social media publish linked to an article from Apache’s proprietor. Nevertheless Apache halted drilling within the North Sea earlier than Labour received election © Stuart Conway/Apache

His intervention additionally follows a number of criticisms of Starmer’s authorities by Elon Musk, the Tesla head and know-how billionaire appointed by Trump to co-lead a brand new waste-cutting division.

The posts from each males are prone to gas concern inside the UK about probably rocky US-UK relations when Trump is inaugurated this month as president for the second time.

Starmer has appointed former Labour minister Lord Peter Mandelson as the brand new ambassador to Washington, whereas the prime minister and David Lammy, international secretary, have labored to try to forge ties with Trump and his allies.

The political consensus within the UK round tackling local weather change has fractured, with the Conservative social gathering — which launched binding 2050 Web Zero targets beneath Theresa Could — aligning itself extra intently with Trump’s pro-fossil gas stance.

Tory chief Kemi Badenoch, who describes herself as a “internet zero sceptic”, not too long ago met vice president-elect JD Vance, whereas Musk has urged individuals to vote for Nigel Farage’s Reform UK social gathering, which has stated it will scrap the UK’s internet zero emissions targets.

Trump needs to spice up oil and gasoline drilling within the US, and has stated he would halt President Joe Biden’s flagship Inflation Discount Act bundle of subsidies for inexperienced vitality.

His marketing campaign has additionally stated he plans to withdraw from the 2015 worldwide Paris settlement on tackling local weather change. He did so on the finish of his first time period in workplace in 2020, though the US rejoined months later beneath Biden.

Keir Starmer visiting an on-shore wind farm near Grimsby in Lincolnshire, England in November 2022
Keir Starmer’s administration is making an enormous push on renewable vitality corresponding to wind generators and photo voltaic farms © Stefan Rousseau/PA

Starmer’s authorities has made shifting away from oil and gasoline a serious a part of its agenda, citing the damaging impression of burning fossil fuels on the local weather.

It plans to cease issuing North Sea licences for brand new oil and gasoline exploration and has elevated the tax charge on oil and gasoline producers.

Starmer’s administration is as a substitute making an enormous push on renewable vitality corresponding to wind generators and photo voltaic farms. It needs to decarbonise the electrical energy system by 2030, as one step in the direction of the UK’s wider, legally binding objective of reducing carbon dioxide emissions throughout the financial system to internet zero by 2050.

Nevertheless some critics have questioned the knowledge of throttling home manufacturing of oil and gasoline when each will nonetheless be wanted for the subsequent 25 years, albeit in declining volumes, even because the UK strikes in the direction of the 2050 goal.

Downing Avenue declined to touch upon Friday, however authorities officers highlighted Labour’s long-standing place and arguments for its vitality insurance policies.



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