Commenting on news today (Monday 25 February 2013) that investment in North Sea oil is the highest for 30 years, Friends of the Earth’s Economic Campaigner David Powell said:
 
“This reckless North Sea oil bonanza has only been made possible because the Chancellor has handed the industry a billion pounds worth of tax-breaks since the last Budget.
 
“George Osborne’s short-sighted economic strategy will keep the UK hooked on increasingly costly gas and oil and undermine investment in clean energy.
 
“Only a fraction of the world’s oil and gas reserves can be burned if we’re to avoid dangerous climate change – going gung ho for more will be a huge blow to our environment and economy.”
 
ENDS
 
Notes to editors:
 
1.    UK Oil and Gas Industry Gives Boost to British Economy: http://www.oilandgasuk.co.uk/news/news.cfm/newsid/824
2.    Research by Friends of the Earth in January 2013 found that tax breaks given to oil and gas exploration since Budget 2012