New Zealand stuns oil industry with offshore drilling ban
New Zealand has stunned the energy industry by slapping a new cap on drilling for oil and gas in its waters as part of efforts to combat climate change.
Prime Minister Jacinda Ardern announced Thursday that the government will "no longer be granting any new offshore oil and gas exploration permits."
"This is another step on our transition away from fossil fuels and towards a carbon neutral economy," Ardern said in a speech.
The country's oil industry quickly voiced its anger over the move.
"The decision is a lose-lose for New Zealand's economy and environment, likely to threaten jobs and mean higher prices for consumers," said Cameron Madgwick, CEO of the Petroleum Exploration and Production Association of New Zealand.
"Because petroleum is produced to meet growing global demand, not exploring and producing in New Zealand simply means other countries will produce it instead and we will have to import it at higher cost," he said.
https://www.msn.com/en-us/money/markets/new-zealand-stuns-oil-industry-with-offshore-drilling-ban/ar-AAvNHWQ?li=BBnb7Kz
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