The United Kingdom’s energy policy is now being criticized by President-elect Trump, who has suggested that the country should eliminate turbines.
This statement was made in response to a company’s early withdrawal from drilling in the North Sea of Europe, which was attributed to the country’s windfall tax.
He incorporated a hyperlink to an article from November that discussed Apache’s intention to withdraw from North Sea drilling prematurely.
Trump fired the rhetorical broadside in a post on his Truth Social platform.
“The U.K. is making a very big mistake. Open up the North Sea. Get rid of Windmills!” Trump wrote.
The Texas company’s executive is cited in the article as attributing its departure to the U.K.’s Energy Profits Levy, which is also referred to as a windfall tax.
The profits of companies that extract oil and gas in the United Kingdom are subject to an additional tax under the levy.
“The onerous financial impact of the EPL, combined with the substantial investment that will be necessary to comply with regulatory requirements, makes production of hydrocarbons beyond 2029 uneconomic.” the firm said in a statement.
“Looking forward, our focus will be on maintaining asset safety and integrity as we prepare for the responsible decommissioning of our assets.” it added.
The presidential campaign of Donald Trump has been centered around the promotion of domestic oil and gas production. Additionally, he has consistently expressed his disapproval of wind energy.
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