Politicians like Nigel Farage and Kemi Badenoch keep telling us to drill, drill, drill. The North Sea is on our doorstep, so surely we should make the most of the oil that’s in there?!
The problem is, there’s hardly any oil left.
We’ve been drilling for 50 years and official data shows we’ve already extracted over 90%.
The North Sea is what’s called a ‘declining basin’ and will be virtually empty by 2040.
…it would be like trying to squeeze juice out of a raisin 🍇
The second problem is it’s not even our oil. When we drill in the North Sea, the UK government doesn’t own that oil.
Private companies do. They sell it on the international market to the highest bidder.
Take the massive new Rosebank field - approval is still PENDING - but roughly 80% of that oil is expected to be exported because it’s a specific type of ‘light’ oil that UK refineries aren’t built to process.
The funniest thing is that they all admit it. Back in the last energy crisis, the then Conservative Energy Secretary (Claire Coutinho) admitted new drilling won’t bring down our bills.
And just this week, the industry’s own lobby group (Offshore Energies UK) told
@politico the exact same thing.
What about saving jobs? Isn’t oil and gas a thriving sector for workers?
That’s a myth. Jobs in North Sea fossil fuels have more than halved in the last decade. We’ve lost an average of 450 jobs a week in that sector, even while the last government handed out hundreds of new licenses.
It’s further proof that the future for British workers isn’t in a dying industry, it’s in the clean energy transition. ☀️
A study from
@oxford_uni this month found that a UK powered by renewables would save every household a lot more money than if we continue to drill (roughly £441 vs. £16 p/a).
In fact, even if we taxed the oil companies and gave all that money out, we’d still save X5 more by switching to green energy.
Co-author Dr Anupama Sen said the idea that “draining” the North Sea would significantly cut household bills is “sheer fantasy”.
So next time a politician tells you more drilling is a ‘common sense’ solution, think again…
#fossilfuels #oil #renewables #rosebank #cleanenergy