When in the 1970s, Britain was going under, North Sea Oil and Gas saved the day. When the war in Ukraine started the conflict led to a shortage of oil and gas that led many European countries and Britain to harsh economic realities.
Now, Britain has a Labour government that is bent on taxing oil and gas companies to the hilt. Companies pay almost 80% as taxes. There comes a point when exploration and production costs are no longer sustainable and the natural consequence is that the oil and gas business can become no longer viable. We already have the experience of what happened to British shipyards that could not remain competitive. They went under. They could not survive.
Now, we have a vociferous government that is bent in getting Britain into several wars, wars that could make oil and gas unattainable, unreachable. Saudi Arabia, Bahrain, United Arab Emirates and others happen to be in a region that could be engulfed by war and if that happens access to oil and gas produced in such region will no longer be a possibility. What will happen then? What happened before when we had no access to oil and gas?
The British Prime Minister that does not know what a woman is believes that carbon capture is energy production. The level of stupidity has risen exponentially. He talks about alternatives. Well, private business might not be interested in such alternatives when they don't make sense for business. In fact, in recent times that been public tenders and the private sector showed no interest in bidding.
It could be the case that everything will have to be financed mostly with public monies coming from taxation and not with private investment. But in the meantime, while the British governent struggles to transform dreams into reality we might find ourselves facing blackouts and mass unemployment should there be a military conflict that prevents from having access to present energy sources.
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