Latest news with #NorthSeaOil
Daily Record
2 days ago
- Business
- Daily Record
Donald Trump declares North Sea oil is a 'treasure chest' for UK in latest attack on renewable energy
The US President said the UK could make a "vast fortune" if companies were given more incentives to drill in the North Sea. Donald Trump has declared the North Sea is a "treasure chest" for the UK as he attacked Westminster's tax regime for oil and gas firms. The US President, a regular critic of renewable energy, said the country could make a "vast fortune" if companies were given more incentives to drill in the area. In a statement shared on social media shortly before he opened a second golf course in Aberdeenshire today, Trump said: "North Sea Oil is a treasure chest for the United Kingdom. The taxes are so high, however, that it makes no sense. "They have essentially told drillers and oil companies that, 'we don't want you'. Incentivise the drillers, fast. A vast fortune to be made for the UK, and far lower energy costs for the people." Trump previously spoke out against wind farms at a press conference on Monday alongside Keir Starmer. The president said: "Wind is the most expensive form of energy and it destroys the beauty of your plains and your fields and your waterways. "Look out there, there's no windmills but if you look in another direction you see windmills, when we go to Aberdeen you'll see some of the ugliest windmills you've ever seen. They're the height of a 50-storey building. And you can take 1,000 times more energy out of a hole in the ground this big, this big, it's called oil and gas." Oil and gas has been extracted from the North Sea for 60 years but production peaked in 1999 and has been declining since. The North Sea Transition Authority (NSTA) - which issues licences - estimates there are about two billion barrels of "unlicensed" oil remains. But in 2023 the industry produced 440 million barrels, so these unlicensed sources would only provide another five years of oil and gas. The UK Government is opposed to issuing new exploration licenses but will honour those previously agreed - paving the way for the massive Rosebank field north-west of Shetland to be given the go-ahead. Uplift, which campaigns for a "rapid and fair transition away from oil and gas production", said the President was misguided. Tessa Khan, executive director of Uplift, said: "Donald Trump's knowledge of the North Sea is clearly limited to his view from his golf course. His demand for more drilling is pure fantasy – it will do nothing to provide us with an affordable supply of energy. New drilling won't cut bills and, after 50 years of extraction, the basin is fast running out of gas – that's geology not a political choice. "The reason the UK's energy bills are high is because of our reliance on expensive gas – and the way to reduce them is to shift to homegrown renewable energy, offshore wind in particular, which the UK is lucky to have in abundance. Why on earth would Scotland forego some of the best wind resources on the planet and abandon an industry that is vital to replacing declining oil and gas jobs."
Daily Mail
2 days ago
- Business
- Daily Mail
Starmer's green taxes could destroy North Sea oil, Trump claims
Donald Trump lashed out at Keir Starmer over taxes on North Sea oil and gas today in his latest lecture to the Prime Minister about how he runs Britain. The day after pouring praise over Sir Keir as they met face-to-face in Scotland the president took to social media to complain about levies on fossil fuels, saying they are 'so high ... it makes no sense'. 'North Sea Oil is a treasure chest for the United Kingdom,' he said. 'The taxes are so high, however, that it makes no sense. They have essentially told drillers and oil companies that, ''we don't want you''. 'Incentivize the drillers, fast. A vast fortune to be made for the UK, and far lower energy costs for the people!' Mr Trump will cut the ribbon on a second 18-hole course at his resort in Menie, Aberdeenshire before he flies back to the US on Air Force One. The president has played several rounds of golf during his Scottish trip, teeing off at his other resort in Turnberry, Ayrshire, on Saturday, Sunday and Monday. As they met at Turnberry for bilateral talks on trade and the situation in Gaza, Mr Trump and Sir Keir took part in what proved to be a lengthy press conference, with the president discussing a number of topics. The Republican Party leader spoke of his 'great love' for Scotland and said he wanted to see the nation 'thrive'. The PM stood up for green energy, saying: 'We believe in a mix, and obviously oil and gas will be with us for a very long time, and that'll be part of the mix, but also wind, solar, increasingly nuclear (power),' he said. Trump also used the wide-ranging press conference to advise his 'not too liberal' friend to cut taxes and immigration if he wanted to beat Nigel Farage at the next election. Without any awkwardness about playing one mate off against the other the president used the hour-long televised bromantic encounter on the plane to tell the PM to cut taxes and stop 'murderers and drug dealers' from coming to Britain. While Sir Keir sat beside him, barely speaking and with an impassive look on his face, he was full of praise for the Prime Minister and the way he was running the country, despite their ideological differences, saying Sir Keir was was 'liberal ..but not too liberal' in his approach. Mr Trump added: 'I think the one that's toughest and most competent on immigration is going to win the election, but then you add… low taxes, and you add the economy. (Sir Keir) did a great thing with the economy, because a lot of money is going to come in because of the deal that was made. But I think that, I think that immigration is now bigger than ever before.'
The National
2 days ago
- Business
- The National
Donald Trump's 'North Sea oil is UK treasure chest' claim rubbished
The US president posted a rant to his Truth Social platform on Tuesday demanding tax cuts for fossil fuel giants. He wrote: 'North Sea Oil is a treasure chest for the United Kingdom. The taxes are so high, however, that it makes no sense. They have essentially told drillers and oil companies that, 'we don't want you'. 'Incentivize the drillers, fast. A vast fortune to be made for the UK, and far lower energy costs for the people!' READ MORE: John Swinney and Anas Sarwar forced to wait as Donald Trump plays golf He also railed against wind turbines calling them 'ugly monsters' earlier in his five-day trip to Scotland. Trump's claims have been rubbished by climate campaigners who say the president did not understand the realities of the oil and gas industry in the North Sea. Tessa Khan, the executive director of pressure group Uplift, said: 'Donald Trump's knowledge of the [[North Sea]] is clearly limited to his view from his golf course. His demand for more drilling is pure fantasy – it will do nothing to provide us with an affordable supply of energy. (Image: Jeff J Mitchell) 'New drilling won't cut bills and, after 50 years of extraction, the basin is fast running out of gas – that's geology not a political choice. "The reason the UK's energy bills are high is because of our reliance on expensive gas – and the way to reduce them is to shift to homegrown renewable energy, offshore wind in particular, which the UK is lucky to have in abundance. Why on Earth would Scotland forego some of the best wind resources on the planet and abandon an industry that is vital to replacing declining oil and gas jobs?' READ MORE: How has the US reported on Donald Trump's visit to Scotland? She accused Trump of being 'cheerleader-in-chief for an oil and gas industry that has made obscene profits while millions of people here have struggled with unaffordable energy bills' as the effects of the climate crisis became ever more visible. Khan added: 'Already Scotland is struggling with record wildfires, drought, and flooding – let's not make this worse for ourselves or our children by following the advice of someone who is in denial of the science. 'Let him play his golf, but let's not listen to him when it comes to how we power our country.'
The Independent
2 days ago
- Business
- The Independent
Trump hits out at Starmer over taxes and says North Sea oil is ‘treasure chest' for UK
Donald Trump has hit out at Keir Starmer 's taxes on North Sea oil just hours after praising the prime minister when the two met at his Scottish golf course. The president said the resource is a "treasure chest for the United Kingdom" as he urged Starmer to 'incentivise the drillers'. It comes less than a day after Trump described Sir Keir as 'strong' and 'respected' in an impromptu press conference on Monday, even saying that he wanted 'to make the prime minister happy.' Now the president has used his Truth Social network to attack North Sea oil taxes, which he said make 'no sense'. He posted: 'North Sea Oil is a TREASURE CHEST for the United Kingdom. The taxes are so high, however, that it makes no sense. 'They have essentially told drillers and oil companies that, 'we don't want you.' Incentivize the drillers, FAST. A VAST FORTUNE TO BE MADE for the UK, and far lower energy costs for the people!' The move will come as a blow to the prime minister, who was seen to have had a successful meeting with the president. In a hugely significant move Trump even removed a key obstacle to Sir Keir officially recognising a Palestinian state, as the prime minister prepares to discuss the issue at a crucial cabinet meeting later. On Monday the Republican leader also advised Keir Starmer to cut taxes and tackle immigration to beat Farage's Reform UK party at the next election. Asked about the Reform UK and Labour leaders, he said: 'The one who cuts taxes the most, the one who gives you the lowest energy prices, the one who keeps you out of wars, tend to win. "Low taxes, keep us safe, keep us out of wars….And in your case a big immigration component,' he added. He also said that he thought he had won his most recent election to the White House because of immigration. Earlier during his visit to Scotland, he praised the city of Aberdeen as the oil capital of Europe and repeated his long opposition to wind turbines, calling them "ugly monsters". In May Mr Trump, who has been vocal in his opposition to wind turbines for many years, used another a post on Truth Social to say: 'Our negotiated deal with the United Kingdom is working out well for all. 'I strongly recommend to them, however, that in order to get their Energy Costs down, they stop with the costly and unsightly windmills, and incentivize modernized drilling in the North Sea, where large amounts of oil lay waiting to be taken.' Mr Trump, who owns a golf course in Aberdeenshire, added that there was a 'century of drilling left, with Aberdeen as the hub'. President Trump has been vocal in his opposition to wind energy and has previously ranted about 'big windmills' that 'destroy everybody's property values, kill all the birds'. He has also claimed that they are unreliable energy sources, once bizarrely saying, 'and then, all of a sudden, it stops; the wind and the televisions go off. And your wives and husbands say, 'Darling, I want to watch Donald Trump on television tonight. But the wind stopped blowing and I can't watch. There's no electricity in the house, darling'.'
Daily Mail
2 days ago
- Business
- Daily Mail
Trump tells Starmer his North Sea oil taxes 'make no sense' in new lecture for PM after president uses visit to hand out advice on beating Farage
Donald Trump lashed out at Keir Starmer over taxes on North Sea oil and gas today in his latest lecture to the Prime Minister about how he runs Britain. The day after pouring praise over Sir Keir as they met face-to-face in Scotland the president took to social media to complain about levies on fossil fuels, saying they are 'so high ... it makes no sense'. It came as the president, who is on a 'working holiday' in Britain, prepares to open a new golf course at his club near Aberdeen, the centre of the UK oil industry. In an impromptu doorstep spray with the PM at a course on the other side of Scotland, Trump gently praised Aberdeen as the oil capital of Europe and repeated his long opposition to wind turbines, calling them 'ugly monsters'. But posting on his Truth Social network this morning the president was more blunt, repeating his frequent past criticism of the taxes. 'North Sea Oil is a treasure chest for the United Kingdom,' he said. 'The taxes are so high, however, that it makes no sense. They have essentially told drillers and oil companies that, ''we don't want you''. 'Incentivize the drillers, fast. A vast fortune to be made for the UK, and far lower energy costs for the people!' But posting on his Truth Social network this morning the president was more blunt. Mr Trump will cut the ribbon on a second 18-hole course at his resort in Menie, Aberdeenshire before he flies back to the US on Air Force One. The president has played several rounds of golf during his Scottish trip, teeing off at his other resort in Turnberry, Ayrshire, on Saturday, Sunday and Monday. As they met at Turnberry for bilateral talks on trade and the situation in Gaza, Mr Trump and Sir Keir took part in what proved to be a lengthy press conference, with the president discussing a number of topics. The Republican Party leader spoke of his 'great love' for Scotland and said he wanted to see the nation 'thrive'. The PM stood up for green energy, saying: 'We believe in a mix, and obviously oil and gas will be with us for a very long time, and that'll be part of the mix, but also wind, solar, increasingly nuclear (power),' he said. Trump also used the wide-ranging press conference to advise his 'not too liberal' friend to cut taxes and immigration if he wanted to beat Nigel Farage at the next election. Without any awkwardness about playing one mate off against the other the president used the hour-long televised bromantic encounter on the plane to tell the PM to cut taxes and stop 'murderers and drug dealers' from coming to Britain. While Sir Keir sat beside him, barely speaking and with an impassive look on his face, he was full of praise for the Prime Minister and the way he was running the country, despite their ideological differences, saying Sir Keir was was 'liberal ..but not too liberal' in his approach. Mr Trump added: 'I think the one that's toughest and most competent on immigration is going to win the election, but then you add… low taxes, and you add the economy. '(Sir Keir) did a great thing with the economy, because a lot of money is going to come in because of the deal that was made. But I think that, I think that immigration is now bigger than ever before.' The president had earlier told Sir Keir Britain and the rest of Europe it must stop illegal immigration to avoid 'ruin' as the two leaders met in Scotland today.
