While the UK is only marginally involved in the war in the Middle East in military terms, the ramifications for this country are still potentially huge. And nowhere more so than in the energy sector. It isn’t a surprise, then, that commentary has focused on the impact potential policy interventions might have on the cost of energy to UK homes and businesses, and on whether the decisions the government takes will make the nation more – or less – energy-secure.
The usual suspects in Reform and the Tory party have used the war as an excuse to renew demands that the North Sea be sucked dry of its remaining oil and gas, in order – they say – to end reliance on fossil fuel imports and to guarantee energy security. More sensible heads have argued that the North Sea basin is a field that is way past peak production, and that has only limited amounts of oil and gas left, and that energy security can only be reached if we move further and faster on renewables. Extraordinarily, the real reason no further significant exploitation of North Sea oil and gas is planned seems to have been entirely forgotten, or at least set aside.
