March 2007
Monthly Archive
Fri 30 Mar 2007
In the wake of Gordon Brown’s steal-from-the-poor-to-give-to-the-rich budget, it was reported that what had changed the Chancellor’s borrowing forecast was the decline in revenues from North Sea oil. “What has changed our forecast is what happened to North Sea revenues.” Mr Brown said North Sea oil revenues would be £5.5bn lower than expected for 2007/08 but argued that the reduction was due to factors outside the government’s control. “That’s no fault of the government. It’s lower production from the North Sea. We have to take that into account,” Mr Brown told the BBC’s Today programme. That the electorate might reasonably expect the government to factor in the rapid depletion in North Sea oil reserves to their financial forecasting seemed to be beyond him. “The chancellor is becoming as bad at forecasting oil and gas revenues as he is at estimating the cost of the London Olympics,” commented SNP leader Alex Salmond. Reserve depletion fed into a 9% decline in production last year. When the UK government can’t even make a realistic short term assessment of declining UK production it is perhaps unsurprisingly they appear guiless in the face of the global situation. (more…)
Sat 24 Mar 2007
Posted by diderot under
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Peak OilNo Comments Wed 21 Mar 2007
Wed 21 Mar 2007
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biofuels[7] Comments Mon 12 Mar 2007
Fri 2 Mar 2007
