UK Proposes Tax Break On Shale Gas

The Oil & Gas Journal is reporting:

The UK government outlined a proposed tax regime for shale gas, including a new shale gas allowance based on existing field allowances for oil and gas production.

The proposed allowance would reduce the tax on a portion of a company’s production income to 30% from 62%, the UK Treasury said in a statement. No UK shale gas wells are on production yet.

As noted elsewhere, the UK is in deep, deep trouble when it comes to energy -- despite all that incredibly expensive off-shore wind power.