UK government dishes out tax cuts as country braces for recession

UK Chancellor Kwasi Kwarteng outside 10 Downing Street. Britain will cap the cost of electricity and gas for businesses. Rob Pinney | Getty Images News | Getty Images LONDON — The new UK government announced a sweeping program of tax cuts and investment incentives Friday, as Prime Minister Liz Truss seeks to boost the country’s … Read more

The UK has lifted its fracking ban, digging up a long-running debate

The derrick is seen behind anti-fracking banners at Cuadrilla’s Lancashire fracking site. Christopher Furlong | Getty Images LONDON — The UK government lifted its ban on fracking Thursday, citing the need to increase domestic energy supply following the Russian invasion of Ukraine. In her first major address on Sept. 8, new Prime Minister Liz Truss … Read more

Ban on gas fracking in England lifted in push for energy independence

Register now for FREE unlimited access to Reuters.com Register Britain pushing to increase domestic energy supply Moratorium has been in place since 2019 More research needed to assess the risk of tremors BGS survey says challenges remain on predicting impact LONDON, Sept 22 (Reuters) – Britain on Thursday formally lifted a moratorium on fracking for … Read more

Why US gas can’t solve Europe’s energy crisis | Business | Economy and finance news from a German perspective DW

As Europe weans itself off Russian energy as punishment for Moscow’s invasion of Ukraine, the continent’s demand for liquefied natural gas (LNG) has soared to unprecedented levels. The US is now the world’s largest exporter of natural gas, yet political, economic and technical limits prevent the country from being its full-on savior. While the industry … Read more

Why US gas can’t solve Europe’s energy crisis | Business | Economy and finance news from a German perspective DW

As Europe weans itself off Russian energy as punishment for Moscow’s invasion of Ukraine, the continent’s demand for liquefied natural gas (LNG) has soared to unprecedented levels. The US is now the world’s largest exporter of natural gas, yet political, economic and technical limits prevent the country from being its full-on savior. While the industry … Read more

Russia faces ‘economic oblivion’ despite short-term resilience

Russian President Vladimir Putin attends a meeting with parliamentary leaders in Moscow, Russia July 7, 2022. Aleksey Nikolsky | Sputnik | Reuters Russia is facing “economic oblivion” in the long-term because of international sanctions and the flight of businesses, several economists have said. The International Monetary Fund last week upgraded Russia’s gross domestic product estimate … Read more

‘Drill, baby, drill’ is back in Europe as the gas crisis looms

But after the Dutch and German governments approved the development of a new gas field roughly 12 miles from Schiermonnikoog’s shores, the island’s mayor is anxious about its future. “We are very concerned that the gas drilling will damage the area,” Mayor Ineke van Gent told CNN Business. “We also believe that there is no … Read more

‘Drill, baby, drill’ is back in Europe as the gas crisis looms

But after the Dutch and German governments approved the development of a new gas field roughly 12 miles from Schiermonnikoog’s shores, the island’s mayor is anxious about its future. “We are very concerned that the gas drilling will damage the area,” Mayor Ineke van Gent told CNN Business. “We also believe that there is no … Read more

3 charts show Europe’s unprecedented natural gas crisis

Europe is facing an unprecedented gas crisis. Picture Alliance | Picture Alliance | Getty Images Europe is facing an unprecedented energy crisis that’s pushing the economy closer into a recession and posing serious questions about the region’s climate change ambitions. CNBC takes a look at how Russia, led by President Vladimir Putin, is squeezing gas … Read more

Russia gas cuts stoke Asia’s energy security fears | Energy

Taipei, Taiwan – The latest cut in Russian natural gas flows to Europe threatens to further destabilize energy security in Asia and could accelerate a move away from liquefied natural gas (LNG) in the region, experts say. On Wednesday, Russia’s state-run energy giant Gazprom cut gas supplies to Europe via Nord Stream 1 to just … Read more