Truss Takes Helm in UK

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Newly elected UK Prime Minister Liz Truss is expected to place greater emphasis on boosting domestic oil and gas output than climate goals, against the backdrop of the worst energy crisis since the 1970s. At final campaign events last week, Truss had ruled out imposing another windfall tax on oil and gas companies to fund support for vulnerable consumers and struggling businesses. Still, she supports existing plans for a massive expansion of offshore wind and nuclear power in the UK, and appears to be a lukewarm supporter of the country's 2050 net-zero emissions target. Truss has also said there would be no rationing of energy in the UK this winter, but hasn't provided further details.

Up to 130 new licenses for oil and gas exploration could be made available this autumn under Truss. Industry lobby group Offshore Energies UK has said the UK will become almost fully dependent on imported oil and gas within the next 15 years unless the government grants new licenses and takes steps to encourage upstream investment. Official UK energy statistics show that the country's primary oil production fell to a seven-year low of 41 million tons (about 820,000 b/d) in 2021.

Policy and Regulation, Elections, Conventional Oil and Gas, Low-Carbon Policy, Nuclear
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