North Sea Goldmine Ignored as Red Ed digs in And Oil price Soar

Britain Sitting On Energy Jackpot

Britain is sitting on a North Sea “goldmine” — but refuses to cash in.

Prices for Forties Blend crude have surged to record highs, driven by the Iran conflict choking global supply routes through the Strait of Hormuz.

Industry estimates suggest UK oil and gas reserves could be worth up to £385 billion — yet vast resources remain untapped.

Miliband Under Fire Over ‘Net Zero Madness’

Energy Secretary Ed Miliband is facing mounting pressure to ditch what critics call “Net Zero madness” and greenlight new drilling.

The government has effectively blocked fresh North Sea exploration while slapping windfall taxes of up to 78% on producers — a move industry figures say is strangling investment.

Projects Worth £80bn Left In The Ground

Two major fields — Rosebank oil field and Jackdaw gas field — are at the centre of the row.

Together, they hold more than £80 billion in potential resources.

Supporters say they could deliver jobs, energy security and up to £25 billion a year in tax revenues.

Tories Smell Blood

Conservative leader Kemi Badenoch blasted the government, calling the refusal to drill “nonsensical” as prices soar.

“Drilling our own oil isn’t just energy security — it’s national security,” she said.

Shadow energy figures warn Britain is being forced to import “dirtier and more expensive” fuel instead of using its own reserves.

Crisis Driving Prices Skyward

Global oil markets have been rocked by the Middle East conflict.

Benchmark Brent crude surged from around $72 before the war to near $120, while North Sea crude has commanded an even higher premium due to immediate demand.

Refineries are scrambling for supply, pushing prices higher still.

Even Blair Allies Urge Rethink

Pressure is now coming from unexpected quarters.

Experts linked to the Tony Blair Institute say geopolitical shocks underline the need for domestic energy production.

“In times of crisis, local supply becomes more valuable,” one analyst warned.

Fuel Shortages Loom

The stakes are rising fast.

European airports are warning of potential jet fuel shortages if Hormuz disruption continues — highlighting just how exposed Britain remains to global turmoil.

Government Stands Firm

Despite the backlash, ministers insist they are focused on cutting bills and accelerating the transition to cleaner energy.

But critics say that stance is costing Britain billions — and leaving households exposed to soaring prices.

Ideology Vs Reality

At the heart of the row is a simple question:

Should Britain exploit its own resources in a crisis — or stick to long-term green targets?

With prices surging and pressure mounting, that debate is only getting louder.

SOURCE

13 minutes ago, Social Media said:

Should Britain exploit its own resources in a crisis — or stick to long-term green targets?

With prices surging and pressure mounting, that debate is only getting louder.

If oil prices are going to keep climbing, then this will affect just about every part of the UK, from farmers to industry, to the everyday working family, so with huge oil resources sitting on the UK doorstep, it would be madness not to utilise it – – it seems like common sense to me!

The government doesn't have to lose sight of its green targets, just move towards them more slowly and still explore solar and wind power generation along the way.

The sign of a good government, in tune with the public, industry and what's happening in the rest of the world, is the ability to act in order to do what is best for the country.