| > Or actually brcause gas is expensive. Gas in the UK is expensive because the Tories spent decades selling off the storage so developers could turn them into real estate. This continued well into the 2000's when, for example the lettuce (Truss) closed the Rough storage facility in 2017. Gas in the UK is expensive because of 1980's privitisation. Another one of the Tory's great ideas. The UK privitisation model is designed to generate profit. Norway made a different choice. Equinor is majority state-owned, and Norwegian extraction operates within a framework designed to capture resource rents for public benefit. Britain privatised its way out of that option decades ago in the Thatcher-era and has never seriously revisited it. Analysis from the University of Oxford[1] found that maximising oil and gas extraction from the North Sea would only save households £16 to £82 per year – and this would rely on tax revenues collected being distributed to households to offset their energy bills. Dr Anupam Sen, co-author of the analysis, said the idea that “draining” the North Sea would make the UK more energy secure and significantly cut household bills is “sheer fantasy”. “We show that regardless of the remaining lifetime of North Sea oil and gas, a ‘drill baby drill’ approach to extraction would actually cost households more money versus continuing on our path to clean energy.” The authors stress that savings gained from the clean energy transition are recurring annual reductions in bills which would continue indefinitely, whereas North Sea oil and gas are finite resources that would run out around 2040. [1] https://www.smithschool.ox.ac.uk/news/drill-baby-drill-appro... |