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Assignment 4 - D2
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By: jacobkerrigan • 6 year ago
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James OsborneIn my presentation, it can be clearly seen that the Government aims to regulate the fossil
fuel market and does so in various ways. However, I feel as though some ways are more
significant than others. I think that the most significant is how the Government subsidises
fossil fuel company’s costs, such as BP and Shell.
Over the past few years it has become apparent that the oil price has been declining and
this has had a catastrophic effect on the North Sea industry, with around 65,000 jobs that
have been lost between Mid-2014 to the start of 2016. This equals to around 15% od the
UK’s total gas and oil workforce. To combat this and regulate it, the Government gives the
fossil-fuel industry nearly £6 billion a year in subsidies in the form of tax breaks to assist in
boosting the declining production in the North Sea. Fossil fuels are widely viewed upon by
the world as a negative form of energy as they harm the planet when they are gathered.
Therefore, these regulations that the Government introduced are both effective and
ineffective. The reason they are effective is because they help companies such as BP and
Shell who dominate the fossil fuel industry to remain profitable as the fossil fuel market is a
huge market that helps the economy to grow every year, this is why the Government wants
to regulate it. Another reason as to why these subsidies are effective is because it allows the
big fossil fuel companies to provide large amounts of energy to the increasing number of
households within the United Kingdom.
Although the Government regulating the fossil fuel industry is viewed as positive, there are
many people who also view this as a negative and unacceptable. The reason for this is
because gathering and using fossil fuels damage the environment and the Government
originally intended to invest in renewable energy sources. Therefore, it that instance it
makes the regulations ineffective. In 2013 and 2014, fossil fuel companies received £273
billion in subsidies, compared to the £121 billion given to the renewable energy industry.
This creates a very bad image for the Government and energy suppliers as renewable
energy sources were originally
meant to be the way forward in
terms of energy supply for the
planet. These cuts are mainly
effecting energy sources such as
solar power and wind farms both
onshore and offshore, which can be
shown in previous years from the
picture to the left. One reason as to
why providing more subsidies for
fossil fuel companies is ineffective is
because if the Government and
fossil fuel companies such as BP and
Shell are continuing to invest more money into the fossil fuel market and not the renewable
energy market, this will create a bad reputation for both the Government and the fossil fuel
companies. Therefore, this may result in customers who use these fuels, spending less
money in that market. Furthermore, this will mean that the subsidies that the Government
is providing in the form of tax breaks will not have been worthwhile, as the fossil fuel
industry may start to decline over a long period of time. However, this seems unlikely
because at this current point in time fossil fuels are much more efficient and more relied on
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