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Tipsheet

UK's New Prime Minister Lifts Fracking Ban

AP Photo/Kirsty Wigglesworth

British Prime Minister Liz Truss hit the ground running since being sworn in on Tuesday, addressing several significant crises her country is facing. On Thursday, she announced her party will cap domestic energy prices, end a ban on fracking that was in place since 2019, and approve more oil and gas exploration licenses in the North Sea.

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"Energy policy over the past decade has not focused enough on securing supply," Truss said, setting a goal that the UK becomes a net energy exporter by 2040. 

For the next two years, household heating and electrical bills will not exceed $2,872 per year, she said. They were set to increase 80 percent in October due to the Russian invasion of Ukraine, hitting $4,000 per year.

The measure is expected to cost $115 billion.  

Larger public institutions and businesses will also get a reprieve but only for six months.

"Putin’s war in Ukraine and weaponization of gas supply in Europe is causing global prices to rise – and this has only made clearer that we must boost our long-term energy security and supply," Truss said in a statement. "We will take action immediately to help people and businesses with bills but also take decisive action to tackle the root cause of these problems, so that we are not in this position again."

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