MP: Energy crisis means that ordinary people will pay more because of mistakes made by the UK government
DID you hear about the oil-rich nation that didn’t have an oil fund?
Well, get it – this country is now facing some of the highest gas prices in the world.
Unfortunately, this is not a joke. Although Scotland has a larger stake in North Sea oil and gas than our friends in Norway, it is our Nordic cousins who have an oil fund worth £ 990 billion.
Under the leadership of the United Kingdom, Scotland’s vast natural resources were wasted.
Now these islands are gripped by a catastrophic energy crisis. Energy companies go out of business almost every day while the UK government persistently refuses to help them. This means that ordinary people will pay the price for energy mismanagement.
A mismanagement that has resulted in the wholesale price of gas being 250 percent higher today than it was in January.
This is bad news for smaller – often greener – companies with low profit margins, and it is terrible news for consumers. The cheapest offers are 50 percent higher today than they were a year ago.
This is happening because ordinary people are being hit by a juggernaut of Tory austerity. The £ 20 increase for the Universal Loan cut, the vacation allowance cut, and the self-employment allowance discontinued – while inflation rises. Add to this the increased energy prices and this winter some people will be faced with the unthinkable choice between heating and eating.
That is why I call on the UK ministers to use the tax profit from the gas price to help the population.
For this reason, I highlight the energy advice and support offered through Fife’s Healthy Heating and Poverty Partnership.
And that is why I call on the Scottish and UK governments to support the extraction of oil and gas from the Cambo oil field.
Why? While the current gas prices are partly due to the high global demand, they are also influenced by lower natural gas flows from Norway and Russia to the UK. There is an obvious solution – we should mobilize the rest of the oil and gas in the North Sea.
However, some argue that we should stop supplying the North Sea for environmental reasons. This would not only exacerbate the current gas crisis and further increase energy costs, but also increase CO2 emissions.
Because we would have to import liquid gas, which is twice as carbon-intensive as North Sea gas. And lower deliveries of foreign gas are also a factor in the current crisis.
So let’s get our own natural gas, invest in carbon capture, and mix hydrogen into the mix. And if we use our enormous resources of our own to stabilize the energy sector, let’s set up a Norwegian oil fund while we’re at it.