The problem with the UK’s use of oil is two fold, the income was pished away on tax cuts rather than invested, and it’s not like Norway didn’t demonstrate an alternative. And regardless of all arguments about drill/not drill, it’s running out. As you rightly point out out oil has been used for (it did not give) a lot more than just fuel. There will come a time when following generations will struggle to grasp the, by then historical fact, that we burned oil. North Seal Oil and gas are strategic resources, they are not sufficient to come even close to supplying the UK’s energy needs and in any case always be charged at the international rates, they will never reduce UK energy costs. The term ‘mature oil and gas fields’ is a euphemism, it means they are depleted and running out. BP understands this, hence the sell off.
Create an account or sign in to comment