Trump Critiques UK Taxes on North Sea Oil and Gas Extraction
US President Donald Trump criticizes the UK's taxation policies, arguing they hinder energy investment.
MADRID.
US President Donald Trump has criticized the United Kingdom for its taxes imposed on oil and gas extraction in the North Sea, stating that these taxes increase energy prices and serve as a barrier to investment.
In a post on his social media platform, Truth Social, Trump urged the UK to stop using what he termed 'costly and unsightly windmills' and instead promote drilling in the North Sea, where he claims substantial oil reserves await extraction.
He described the existing tax system as outdated and noted that it disincentivizes extraction efforts.
This marks not the first instance of Trump expressing disapproval of the UK's approach to energy extraction.
In January, he declared that the country was making a 'great mistake,' insisting that the North Sea should be opened to the hydrocarbon industry and advocated for the dismantling of offshore wind turbines.
Trump's remarks followed a statement from the American oil company Apache, which announced its plans to withdraw from investments in the North Sea by 2029 in protest against the UK's levy on 'windfall profits.' Shortly before this announcement, the UK government had confirmed an increase in this tax from 35% to 38% and extended its duration by an additional year.
The North Sea has long been one of the oldest oil and gas production basins in the world; however, its operational activity has been declining since the early 2000s.
Concurrently, the region has become known for a significant presence of offshore wind farms.
US President Donald Trump has criticized the United Kingdom for its taxes imposed on oil and gas extraction in the North Sea, stating that these taxes increase energy prices and serve as a barrier to investment.
In a post on his social media platform, Truth Social, Trump urged the UK to stop using what he termed 'costly and unsightly windmills' and instead promote drilling in the North Sea, where he claims substantial oil reserves await extraction.
He described the existing tax system as outdated and noted that it disincentivizes extraction efforts.
This marks not the first instance of Trump expressing disapproval of the UK's approach to energy extraction.
In January, he declared that the country was making a 'great mistake,' insisting that the North Sea should be opened to the hydrocarbon industry and advocated for the dismantling of offshore wind turbines.
Trump's remarks followed a statement from the American oil company Apache, which announced its plans to withdraw from investments in the North Sea by 2029 in protest against the UK's levy on 'windfall profits.' Shortly before this announcement, the UK government had confirmed an increase in this tax from 35% to 38% and extended its duration by an additional year.
The North Sea has long been one of the oldest oil and gas production basins in the world; however, its operational activity has been declining since the early 2000s.
Concurrently, the region has become known for a significant presence of offshore wind farms.
