British Prime Minister Boris Johnson said on May 5 that he had spoken to the bosses of oil majors Shell and BP and underlined the need for investment in the country amid soaring energy prices.
"Our message to them, and what is very, very clear,...this is a moment where we need you as a country to invest massively in clean, green, renewables, in the stuff that is going to make a difference to people's energy prices," Johnson told reporters.
Calls for a 'windfall tax' have been growing as the two London-listed oil firms have reported billions of dollars in profits at a time when people are struggling with the rising cost of essential items from food to fuel.
Asked about a windfall tax, Johnson said: "What the country needs is a government that will take a big decision about how to fix our energy supply, and you don't do that simply by clobbering the companies that we need to make investments in our domestic energy security."
Recommended Reading
Imperial Expects TMX to Tighten Differentials, Raise Heavy Crude Prices
2024-02-06 - Imperial Oil expects the completion of the Trans Mountain Pipeline expansion to tighten WCS and WTI light and heavy oil differentials and boost its access to more lucrative markets in 2024.
US Gulf Coast Heavy Crude Oil Prices Firm as Supplies Tighten
2024-04-10 - Pushing up heavy crude prices are falling oil exports from Mexico, the potential for resumption of sanctions on Venezuelan crude, the imminent startup of a Canadian pipeline and continued output cuts by OPEC+.
New Fortress Starts Barcarena LNG Terminal Operations in Brazil
2024-03-01 - New Fortress’ facility consists of an offshore terminal and an FSRU that will supply LNG to several customers.
What's Affecting Oil Prices This Week? (Feb. 26, 2024)
2024-02-26 - Stratas Advisors forecast that global crude production will be essentially unchanged from 2023, which means that demand growth in 2024 will outpace supply growth.
Oil Settles at Highest in Nearly 8 Weeks on Strong Economic Growth
2024-01-26 - Oil prices settled at their highest in nearly two months on Jan. 26 as positive U.S. economic growth and signs of Chinese stimulus boosted demand expectations.