Government could decide Cuadrilla’s fracking appeals under new rules

The government gave more detail this afternoon on how it would fast-track fracking through the planning system.
In a statement the Local Government Secretary, Greg Clark, said he was changing the rules to allow him to take over decisions on shale gas appeals.
He also set out how the government would identify what he described as councils which “underperformed” on determining oil and gas applications.

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Goldman Sachs says oil could fall to $20 a barrel

Goldman Sachs says oil could fall to $20 a barrel

US investment bank expects oversupply to continue into next year

C1JXKR Cuadrilla Resources drilling equipment at Shale Gas Drill Site, Presse Hall Farm, Singleton, Blackpool, Lancashire, UK

Terry Macalister Energy editor The Guardian

Friday 11 September 2015 17.33

The price of oil could more than halve again, to just $20 (£13) a barrel, experts at Goldman Sachs are predicting, a shift which would spell big savings for motorists but cast doubt on the viability of North Sea oilfields.

Homeowners, motorists and many industries would gain although a further price collapse could prompt thousands more job losses in the struggling North Sea sector and could eventually hit Treasury tax revenues.

Oil prices could fall to $20 a barrel says Goldman Sachs – as it happened

…but the IEA thinks OPEC’s strategy is working and forcing expensive oil out of the market.

The value of the benchmark West Texas Intermediate crude has already fallen from $107 last June to less than $44 but analysts at Goldman Sachs forecast another huge plunge in WTI. It last traded at $20 a barrel in 2002.

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