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Why Iraq’s Oil Production Has Reached It Limits

Why Iraq’s Oil Production Has Reached It Limits

Iraq’s remarkable achievement in ramping…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

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EU Announces Natural Gas will be Eligible for Renewable Energy Subsidies

It is fairly common knowledge that the oil and gas industry holds massive power in world politics, and a recent revelation has illustrated this power quite obviously.

Members of the European Union approved an energy policy called Horizon 2020 which pledged €80 billion to the research and innovation of renewable energy between 2014 and 2020, and is due to start taking effect at the beginning of July this year.

At this point enters a brilliant display of the power that fossil fuel lobbies have over governments. After more than 18 months of intense lobbying by the European gas industry, the EU has acknowledged natural gas as a green alternative to coal and nuclear, and therefore worthy of the €80 billion of funds earmarked specifically for development of innovative renewable energy sources.

The International Energy Agency (IEA) has predicted that due to a growth in unconventional natural gas supplies, from shale gas deposits, the industry will triple by 2036. Fracking has already caused a glut of natural gas, leading to record low prices, and many are now concerned that if natural gas becomes more popular in Europe as well, it will crowd out cleaner forms of energy, at a time when CO2 emissions continue to rise, and renewable energies need government support in order to grow.

The Guardian reported that, “of the funds available, more than €30 billion are supposed to ‘address the major concerns shared by all Europeans such as climate change, developing sustainable transport and mobility, making renewable energy more affordable, ensuring food safety and security, or coping with the challenge of an aging population.”

By being allowed to benefit from the Horizon 2020 bill, it shows “the funds available, more than €30 billion are supposed to ‘address the major concerns shared by all Europeans such as climate change, developing sustainable transport and mobility, making renewable energy more affordable, ensuring food safety and security, or coping with the challenge of an aging population.”

By. James Burgess of Oilprice.com

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  • Mel Tisdale on June 07 2012 said:
    The problem is that gas still produces CO2, which warms the planet and acidifies the oceans. Most, if not all, scientists that do not see any harm in that are in the pay of the fossil fuel industry.

    You could be forgiven for thinking that fossil fuel company executives don't have families, or if they do, they don't care much for their wellbeing. The longer we put off transitioning away from fossil fuels, the more urgent, and thus more severe, will be the effects of the transition and consequent disruption.

    I just wonder how strong the public backlash will be when it sees the extent of the deceit that they have been subjected to.

    If the EU has money to spare, it should invest in LFTR reactors. Then we would at least have a safe nuclear energy sector with no CO2 emmissions and no nuclear weapons manufactured by it. The trouble is the current uranium based nuclear industry is as good at lobbying as the fossil fuel industry and it wants to stick with its outdated technologies.

    Many billion Euros is a lot more than thirty pieces of silver. But there again, a lot more people have been betrayed, so I suppose it is only to be expected.
  • Heber Rizzo on June 07 2012 said:
    Very good news, indeed!

    Pity that a good portion of that money will be squandered with useless renewables like eolic or solar.

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