WATCHING THE WORLD THE NEXT KNOCK ON THE CHANCELLOR'S DOOR

With David Knott from London British Chancellor Norman Lamont, in the budget announced Mar. 16, justified new taxes on domestic energy and fuel on the need to improve efficiency of fuel use and reduce-carbon dioxide emissions (OGJ, Mar. 22, p. 31). Lamont also proposed changes to the petroleum revenue tax (PRT) regime that would increase the effective cost of drilling a U.K. North Sea wildcat or appraisal well almost fourfold, says an analysis by Wood Mackenzie Consultants Ltd. Edinburgh.

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