A steelworkers’ union has accused Labour of ignoring the needs of “fragile communities” that are short of jobs by pledging to ban fracking. Community will become the second union with strong links to the party to denounce its anti-fracking policy. In September the GMB union described Labour’s proposed ban as “madness”, saying it would leave Britain dependent on foreign gas from “regimes fronted by henchmen, hangmen and headchoppers”. Community will announce today that it has signed a memorandum of understanding with UK Onshore Oil and Gas, the industry trade body. John Park, union assistant general secretary, said Labour rushed to adopt its policy without considering the evidence. “The reality is that for a number of fragile communities it could provide huge job opportunities and cheaper fuel costs, he said. “Let’s have a grown-up, sensible debate about the opportunities that may come from fracking.”
Times 3rd Nov 2016 read more »
Crude oil prices fell yesterday after a surprise build-up of stocks in the United States and a warning by Royal Dutch Shell that peak demand could be as little as five years away. Simon Henry, chief financial officer, said: “We’ve long been of the opinion that demand will peak before supply and it will be driven by efficiency and substitution, more than offsetting the new demand for transport.” Shell was “very well placed” to supply any substitutes for oil, he said, adding: “That underpins our strategic thinking. It’s part of the switch to gas, it’s part of what we do in biofuels, both now and in the future.”
Times 3rd Nov 2016 read more »
The amount of electricity generated from UK coal power stations is on track to fall by two-thirds this year, a decline which analysts said was so steep and fast it was unprecedented globally. Climate change thinktank Sandbag said the drop was due to a doubling in the price of a carbon tax and the lower price of gas. The group has written to the chancellor, Philip Hammond, urging him not to water down the carbon floor price in this month’s autumn statement, which the steel industry has been lobbying the government to do. Using data up to the end of October from the Office for National Statistics and the national grid, the thinktank estimate d coal generation would fall 66% by the year’s end. Coal generation fell 23% in both 2015 and 2014 on the year before, and 10% in 2013. Energy industry sources said the forecast for 2016 appeared to be broadly in line with expectations.
Guardian 2nd Nov 2016 read more »