Conservative MPs from the so-called “red wall” seats won from Labour at the last election have declared their support for a controversial new coal mine in Cumbria. The Northern Research Group MPs accused Labour of turning its back on northern communities by opposing the development at Whitehaven. In a letter to Cumbria County Council’s Labour leader, the 31 NRG MPs – joined by civic leaders from the north of England and a further 12 Tory MPs from elsewhere in the country – warned that threats to block the mine represent a “serious risk” to the area’s economy and jobs. But Labour’s business spokesperson Lucy Powell accused them of “ trying to con people with a false promise”, insisting the mine was not the answer to provide a long-term future for industry.
Independent 18th Feb 2021 read more »
The greatest threat to Saudi Arabia and Russia over the next five years is a roaring bull market for crude oil, worse yet if prices spike to all-time highs of $150. Such an outcome is probably baked into the pie already. There is not enough supply coming on stream to replace the structural decline in old oil wells. The crunch will come before electric vehicles eat seriously into global fuel demand. The Saudis need to hold oil prices in the sweet spot of $60 to $70 – roughly where they are today. That is just high enough to keep the Kingdom afloat, but low enough to extend the oil era into the 2040s (they hope). But such calibration is beyond their power.
Telegraph 17th Feb 2021 read more »