Monday, November 01, 2021

Biscathorpe Eight Years On

Over eight years ago I wrote this piece on my blog, the first of many about oil and Biscathorpe: How to Make Money from Fracking

In it I described how one could make money out of not finding oil but convincing people that you would find oil in the future. Egdon's executives and employees have managed to do just that for eight years at Biscathorpe, a particularly idyllic hamlet in the Lincolnshire Wolds.

Today, with a majority of seven to four and two abstentions, the planning committee of Lincolnshire County Council refused a planning application from Egdon Resources to drill another well. They had already drilled one earlier but it had not struck oil. The first full day of COP26 was an auspicious day to hold this planning meeting, but whether this was what changed the minds of some councillors, or whether it was the opposition of the local MP, or an article in The Times, or the petition they had just received from their electorate, or the tireless campaigning of so many people over recent years, we cannot know. Perhaps some of them have actually realised that the black stuff needs to be kept in the ground. When all the people with money to invest realise that the oil industry will lead to their assets being stranded, and hence worthless, then the industry will collapse and the planet can breathe a little sigh of relief. And when all the people with money to spend on stuff that the oil industry has produced, realise that we must stop burning fossil carbon, then we will once again have a planet worth breathing on. But for tonight, we can celebrate a small victory. Well done all who made this possible.


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