The only good news is that producers have reduced a lot of the costs out of the process and are prepared to endure a prolonged period of lower prices.
Working-age benefits will now be frozen for two years, a measure which follows an earlier 1% uprating cap from 2012. This is a way of cutting 'by stealth', i.e. letting inflation do the job that Osborne and his colleagues should be doing.
Fracking presents a new challenge for OPEC, as well as opportunities. The International Energy Agency (IEA) predicts that, over the next five years, one-third of the new oil production of the world will be developed in the USA. By 2020, the US will be a net exporter of gas. By 2035. It will be energy self-sufficient, they say...
With the fiscal situation still tight, and a year to go before an election in which the Chancellor will accuse the opposition of fiscal profligacy, it was never likely that this was going to be a particularly exciting budget - and so it proved.
After several years of generally bad years, everyone will welcome the good news that the Statement contains. However we have good reasons to think that the medium term prospects are not as rosy as the Chancellor thinks...
This week, I went to Manchester to the Tory party conference. Not as a Tory this time, but a happy Ukipper... The excellent IEA event - a 'Fag and a Pint With Nigel Farage' was a chance to showcase the man, our policies, our philosophy and where we stand on many issues. Again, the room was a little cosy and Nigel was on good form. The Tories were in denial that we were there.
Alastair Darling, the former Labour chancellor, has launched a vicious attack on the HS2 high-speed rail project, dismissing
Stuart Wheeler clarified what he said. He doesn't have a sexist bone in his body - his wife and four daughters, all of whom I have met, would break his bones if he had. He said: "I pointed out that in certain areas, women did not do as well as men, and then I cited poker, bridge and chess.
To give the Chancellor credit, there is now no serious politician arguing that we don't need to reduce the deficit and find a way to run a balanced budget again in the long-term. Given we are spending almost as much this year on debt interest as we are on education, that is something to be thankful for.
On Monday, the British Medical Association consultant warned that the NHS needed to "face the unpalatable truth that free
But perhaps the most beneficial effect of a co-payment system would be in its impact on our attitudes as medical consumers. Whenever we pay for something ourselves, we are much less willing to put up with shoddy services. Co-payments would make us much less tolerant of the medical establishment's capriciousness.
It's all doom and gloom for the UK's Ministry of Defence! Unlike the conservative and relatively optimistic reports published
With a budget deficit larger than that of Greece, a reduction in public spending is essential if the government wants to achieve sustainable and continuing economic growth. But the ring-fencing of areas of very high government spending has made it much harder for the Chancellor to come remotely close to balancing the books.
This week sees the start of the 18th Conference of the Parties of the UNFCCC, or COP18 for short, in Doha, Qatar. This should be a busy transitional COP, with much on the agenda to resolve and important steps forward being taken toward a long term international agreement.
The IEA's World Energy Outlook (WEO) is an annual tradition, the result of much work, data analysis and presentation. A formative volume is produced for all to read and digest, but few of us have the time to do so in the detail required.
The Government has been urged to drop its drive for increasing aid to help developing foreign countries by a group of Lords
Renewable energy has an urgent and substantial role to play in our energy supply. Yes, there are important initial costs that come with supporting them, but these costs are absolutely dwarfed by those the world economy will have to bear in trying to adapt to the worst impacts of climate change.
The world is on the brink of irreversible climate change, according to a report released on Wednesday by the International
More than £28 billion of taxpayers’ money will be needed to cover the hidden costs of the High Speed Two (HS2) project, according
HS2 exemplifies the government's flawed approach to transport policy. It is a centrally-planned, highly political project with all the deficiencies that implies.