With the British government's announced plan to increase the windfall tax on North Sea oil and gas producers to 38% from 35% and extend the levy by one year, a move to
With the British government's announced plan to increase the windfall tax on North Sea oil and gas producers to 38% from 35% and extend the levy by one year, a move to fund renewable energy projects, U.S. President-elect Donald Trump took to his social media platform Truth Social to implore the UK to "open up" the British North Sea and get rid of windmills.
"The U.K. is making a very big mistake. Open up the North Sea. Get rid of Windmills!" Trump's post said.
As Monday, January 20, 2025 grows closer -- inauguration day for the incoming U.S. Administration -- this message resonates through the small but growing U.S. wind farm industry, too.
Trump's post was in response to a report about U.S. oil and gas producer APA Corp's unit Apache's plans to exit the North Sea by year-end 2029. The company expects North Sea production to fall by 20% year over year in 2025.
Oil companies have been steadily exiting the North Sea in recent decades, with production declining from a peak of 4.4 million barrels of oil equivalent per day at the start of the millennium to around 1.3 million boed today.
Meanwhile, the Labor government aims
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