W3 – 3 Aug 2023 – Social

I read that protesters had attached posters to Sunak’s house objecting to new oil licenses. For me, the only tangible reason for new licences was that producing oil in a different part of the world and then shipping it to another place would be much more polluting than producing it locally. But this would be correct if it would not increase overall world production. In reality, this will reduce the price as there is more supply and will increase consumption. So eventually it will be much more polluting.