Chancellor Reeves statement this PM: "Our energy system is now more secure than it was at the outset of the Russia-Ukraine conflict.
"In 2025, the UK imported 17% less gas than we did in 2021." (cont)
Chancellor Reeves statement this PM: "Our energy system is now more secure than it was at the outset of the Russia-Ukraine conflict.
"In 2025, the UK imported 17% less gas than we did in 2021." (cont)
Tbf there are also arguments why it wonβt make much difference to the tax base either. Maybe thereβs a big find out there that would change that calculation, but thatβs a much longer shot than the original article implies.
bsky.app/profile/tess...
Helpfully Tim Leunig accepts as a premise that more North Sea drilling wonβt make oil nor gas more affordable in the UK.
But his arguments about tax and the strategic benefit of allowing more North Sea licensing are flawed in key ways (as well as in ways that James has pointed out). Long π§΅ below:
War in Iran exposed that Europe failed to stand up to a business lobby that slowed decarbonisation
It committed a "strategic error of slowing a transformation necessary for security & independence....truth is that rearguard action on fossil dependence is bad for business"
www.ft.com/content/a6be...
Must admit, I preferred it when the calls for a clean energy 'war effort' were metaphorical.
From tonight's @businessgreen.bsky.social Overnight Briefing:
20mbpd went thru the Strait of Hormuz pre-crisis.
EV's may "only" displace 1.5mbpd now. But they're just getting starting. Wait until electric trucking takes off;)...
WE STILL DON'T HAVE A CLEAR ANSWER ON THE MOST BASIC QUESTION ABOUT THE IRAN WAR
WHY did the U.S. go to war?
A Popular Information review of public statements over the last 9 days found 17 DIFFERENT EXPLAINATIONS. Many of which contradict each other.
π§΅
Are electric vehicles denting oil demand? Yes.
By how much? 1.5 million barrels of oil a day, according to EV Curve Futurist.
Caveat: These estimates are hard, but the numbers are certainly adding up.
so there's a rough [set of] rule of thumb in Economics on the relation between oil and inflation/growth.
for every $10 increase in the price of WTI:
-the fed [optimists] generally assumes +0.1%pt CPI, -0.1%pt real GDP growth
-most of the oil industry [pessimists] are +0.4%pt CPI, -0.33%pt [GDP]
the median case - which most macro economists will give you, including me - is about +0.25%pt PCE, -0.25%pt GDP growth. (hey, I do macro, we like round numbers)
so, a $60/bbl increase is +1.5%pt to inflation, -1.5%pt to real GDP growth. at last print, PCE is currently 4.7% YoY, real GDP is 2.2% YoY
I see your TACO and raise you STAR:
Some
Things
Arenβt
Reversible
I don't know anything about oil/the oil markets/the oil trade (be warned: I am not asking you to explain these things to me) so would say my life online right now is "child of probably divorcing parents senses that maybe the vibes are becoming increasingly off at home?"
08.03.2026 18:07 β π 517 π 39 π¬ 25 π 4Drive less to save fuel, motorists told
This is genuinely leading the Telegraph homepage
09.03.2026 11:44 β π 106 π 28 π¬ 22 π 6That is the same government that in 14 years delivered half of one nuclear reactor that was massively delayed and hugely over budget, and then in the two years after Russia's invasion failed to sign off on new SMRs or Sizewell C.
09.03.2026 12:46 β π 5 π 0 π¬ 1 π 0Getting strong flashbacks to the Boris Johnson government's response to the energy crisis triggered by Russia's invasion of Ukraine, which focused on new nuclear power plants and largely failed to mention energy saving.
09.03.2026 12:44 β π 7 π 1 π¬ 1 π 0This is either a crisis or it isn't. And if it is, you should probably be prioritising the things that can have a positive impact within months rather than decades.
09.03.2026 12:43 β π 9 π 3 π¬ 1 π 1Guys, you just need a couple of paragraphs to explain drilling and nukes take years, so we also need energy bill levy reform, EV charger VAT cuts, energy efficiency funding, energy conservation public information, planning reform, and turbocharged heat pump, solar, wind, grid, and EV deployment.
09.03.2026 12:42 β π 15 π 3 π¬ 2 π 1Still waiting for a single one of the North Sea 'drill, baby, drill' editorials to do 'all of the above' energy policy properly.
09.03.2026 12:42 β π 17 π 3 π¬ 1 π 0
It would be one historyβs great plot twists if Trump has now managed to alert the entire world to why they should transition away from single-use fossils to renewables as quickly as any possible - even while having dismissed global warming.
And Hormuz isnβt even Asiaβs biggest risk.
This is the largest oil supply shock in history in mb/d
The enemy gets a vote. Iran is now delivering pain to Trump via multiple paths
(1) Gulf Kings
(2) Financial meltdown
(3) AI tech oligarchs
(4) Fuel, fertilizer, food disruptions
Read our Polycrisis Dispatch:
buttondown.com/polycrisisdi...
Worrying evidence misinformation about EVs is continuing to cut through, even as demand for EVs climbs. www.businessgreen.com/news/4526671...
09.03.2026 12:16 β π 2 π 0 π¬ 0 π 0This is really good news. Expect the grumbling about the ZEV Mandate to continue, but the UK is gradually building out EV production capacity. www.businessgreen.com/news/4526662...
09.03.2026 12:15 β π 10 π 2 π¬ 0 π 0Amusing and enraging story of IPSO somehow concluding clearly misleading comparisons were not misleading, only for polling from @eciu.net to show readers were indeed misled. pressgazette.co.uk/the-wire/new...
09.03.2026 11:22 β π 4 π 1 π¬ 0 π 0Text: If Europe stays on its current trajectory climate damages will drive debt-to-gdp ratios over 100% high than official projections in the worst hit eu countries. With a heat map showing the increase in debt-to-gdp ratios in different EU countries.
π¨NEW: The impact of climate change on our economic stability is being hugely underestimated.
Our latest analysis shows climate damage could drive the EUβs debt-to-GDP ratio 58 percentage points higher than official projections by 2050.
Much more of this needed, ASAP. www.businessgreen.com/news/4526643...
09.03.2026 10:39 β π 11 π 2 π¬ 0 π 0Rolls-Royce explores SMR-SAF tie up. www.businessgreen.com/news/4526638...
09.03.2026 10:39 β π 0 π 0 π¬ 1 π 0
If you're waiting for Trump to come to his senses - don't
- he's never facing another election
- he's got total immunity thanks to the Roberts court
- he will pre-pardon everyone who works for him
enjoy your Monday xx
Going to be a big summer for middle aged men with heat pumps and solar panels.
09.03.2026 10:07 β π 1272 π 134 π¬ 41 π 36Trump's decision to bomb Iran is now the greatest windfall to the Russian war effort on record. If it continues, it might save the Russian war economy.
09.03.2026 05:24 β π 2158 π 1125 π¬ 80 π 119