As global oil prices drop due to the increased shale supply, the impact would offer a boost to the world economy by allowing more output to be produced at the same cost, said its researchers.
Other nations could see even higher increases in GDP than Britain, according to the report, as UK gains would be partially offset by the hit to the energy production industry. However, the authors said the overall economic impact would be beneficial.
Adam Lyons, director in the PwC oil and gas team and co-author of the report, said: "The UK government would lose some North Sea tax revenues if global oil prices were lower, but with North Sea resources in long-term decline, shale oil and gas present an opportunity to create a new growth engine for UK plc as well as a new source of tax revenue."
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