• 14 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 16 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 18 hours Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 20 hours EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 22 hours Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 23 hours Aramco Says No Plans To Shelve IPO
  • 3 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 4 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 7 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 7 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 7 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
  • 7 days Saudi Arabia Ups November Oil Exports To 7-Million Bpd
  • 7 days Niger Delta State Looks To Break Free From Oil
  • 7 days Brazilian Conglomerate To Expand Into Renewables
  • 8 days Kurdish Independence Could Spark Civil War
  • 8 days Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit
  • 8 days The Capital Of Coal Is Looking For Other Options
Oil Prices Spike On Middle East Tensions

Oil Prices Spike On Middle East Tensions

Oil prices jumped upwards on…

Kurdistan Accuses Baghdad Of Planning Oil Field Seizure

Kurdistan Accuses Baghdad Of Planning Oil Field Seizure

Kurdistan authorities have accused the…

Environmentalists Accuse British PM of Bribing Locals to Accept Fracking Sites

David Cameron, the British Prime Minister, has renewed his backing of fracking by stating that the government will be going all out for shale, and that local authorities will now be allowed to keep 100% of all business rates raised from any fracking sites, a development that is expected to raise millions of pounds for communities.

In order to calm opposition against the fracking sites popping up around the country, the Prime Minister has also suggested that any homeowners living near to a site will be given part of the revenues generated by the site in a direct cash payment. When a well is first fracked the homeowners will receive £100,000 payment, followed by 1% of all revenues earned by the site in the future.

This new offer was made on the day that it was announced that Total has become the first international oil major to invest in the UK shale sector. However Jane Thomas, a senior campaigner at Friends of the Earth, said that the government is effectively bribing the locals to keep quiet. The “announcement from the government that councils can keep all the business rate revenue they receive from fracking companies marks a new low in the government's attempts to curry fracking favour with local people.

Related article: EPA Issues New Rule to Require Chemical Disclosures for Offshore Fracking

Friends of the Earth believe that this is the first time that government money is being use to incentivise local communities. These community sweeteners also raise huge concerns about conflicts of interest if those councils who potentially will benefit from this money are also the ones who determine the planning applications from fracking companies in the first place.”

Cameron, on a visit to a fracking site, announced that the government will double the amount of business rates that local councils across the country can keep, from 50% to 100%; a deal that could be worth £1.7 million a year per site.

Cameron explained that “a key part of our long-term economic plan to secure Britain's future is to back businesses with better infrastructure. That's why we're going all out for shale. It will mean more jobs and opportunities for people, and economic security for our country.”

George Osborne, the Chancellor of the Exchequer, has declared that he plans to halve all taxes charged to fracking companies who are exploring for shale gas in the UK. “We are prepared to push the boundaries of scientific endeavour, including in controversial areas, because Britain has always been a pioneer. The country that was the first to extract oil and gas from deep under the sea should not turn its back on new sources of energy like shale gas because it's all too difficult.”

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News