Oil and gas companies have had their North Sea profits all but wiped out by a punitive energy profits levy that has made the UK virtually uninvestable.
Even the Climate Change Committee still projects UK demand of 168 million barrels of oil equivalent in 2050, around 40% of current production. Porter argues that forcing premature decline in North Sea production does not cut global emissions - it increases them. Imported oil and gas carries a carbon footprint around 50% higher than domestic production, according to the Climate Change Committee.
Positive Money, Tax Justice UK, the Fairness Foundation, Equality Trust and others are campaigning for a windfall tax on banks' accelerating domestic profits. Inflation has yet again raised their takings to record heights for no extra effort, the same inflation that also raises the cost of living. When oil and gas prices soared in 2022, the Tory government set a 35% energy profits levy.
She said about 7bn a year could be extracted by the end of the decade by taxing what she described as unexpected profits the banks had made as a result of high interest rates. Speaking at the party's autumn conference in Bournemouth, she announced the Lib Dems wanted to create a new Energy Security Bank to offer loans of up to 20,000 for households.
"Addressing the Scottish Conservative conference in Edinburgh on Friday, Ms Badenoch is anticipated to champion the oil and gas sector, accusing the UK Government of 'killing' it."
