Oil Or Nothing?
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The Government's Argument for Oil and Gas Licenses
The Nazi basin is in long term decline of what's left 70% of its oil, 80% of which gets exported outside of the UK. Even if we went full pelt and extraction here at great cost, that would just about manage to produce 1% of European overall demand. The reality is, is that this is a privatised international sector selling oil and gas in an international market. Our prices are set by international markets. So it's not a coherent argument that more production in UK waters actually equates to more domestic supply.
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