The authors argue that the UK is replacing secure domestic oil and gas production with expensive imports, and that gas security remains a real threat to the economy.
To reverse the trajectory, the paper recommends scrapping taxes and regulations that limit UK oil and gas production and encouraging exploration and investment in offshore and onshore fields to reduce costs and boost domestic supply.
Despite all the talk about electricity and renewables, almost 80% of UK Energy consumption comes from oil, gas and coal. Gas alone is 40% of total UK energy consumption. Yet we are deliberately replacing secure domestic production with expensive imports due to high taxes, reduced allowances, high carbon charges, and restrictions on finding and developing new oil and gas fields.
Gas security remains a real and immediate threat to the UK economy. The current conflict in the Persian Gulf, a recent cyclone in Northwestern Australia, and this summer’s scheduled maintenance of Norway’s pipelines and processing facilities will restrict global supply and push gas prices higher, increasing the UK’s trade deficit.
Oil and gas aren’t just fuel – they’re essential feedstocks for chemicals, plastics, pharmaceuticals, and fertilisers. High costs and green dogma are shutting down refineries and downstream industries....<<<Read More>>>...
