Dec 30

This is not a demand for Coal or indeed a desire to go back to the days of deep cast mining. Having all but stopped coal production in the UK to now go back would be insane. Why would we in the era of AGW being the accepted science of Govt and main opposition go backwards? Leaving aside the issue to some fact to me of Climate Change. Why would anyone want the pollution and particulates if nothing else. Talk of Clean Coal is like fat free Suet.

Yet what prompts this blog is that even with 0.5% base rates the UK Govt has apparently guaranteed loans to the oil industry. That and generous tax breaks leads to the question Why? When rates are low only strategic industries should get subsidy, especially in an era of alleged Austerity. To pay for pollution and carbon release defines insanity?

Only a few weeks ago Fracking was still being mentioned in the budget by Osborne. In Norway’s not so much,  fracking gas reserves were estimated at 83 Trn Cubic Feet in 2011 by 2013 the more realistic figure was 0 cubic feet. It’s a technology that does not deliver and any Americans who think it will last to 2030 never mind 2040 as POTUS says, haha.

Equally it is only generous subsidy that allows the lunacy of BP to try to drill for Oil in the Gulf of Mexico and North of Scotland. That its lax attitude to human life added 11 deaths to the 15 murdered in Texas prior can be added to the sheer stupidity of subsidising them to do anything. Yet no fear the UK Govt still subsidises BP deep water drilling – BP also involved in Currency [FX] fraud we now find. The point being apparently it was wrong to subsidise nationalised industries to make Steel and Coal yet we will subsidise the uneconomic environmental rape of Fracking and Oil exploration. Activities so uneconomic even with Base Rates at 0.5% they cannot get funding without subsidy and with the Oil price dropping are not economic even with 0 cost of capital thanks to the subsidy.

It’s 30 years since the miners strike clearly Cameron and co would have been on Scargill’s side had he been a private company head with a credo of corporate manslaughter to his name.

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