North Sea Drilling Won't Save Scots from Soaring Energy Bills

Scotland's top energy expert, Dr. Ewan Gibbs of Glasgow University, believes that more drilling in the North Sea will not lower energy bills for consumers. According to Gibbs, 80% of North Sea oil is exported, and gas prices are set internationally.

In an interview with The Herald, Gibbs pointed out that Britain's oil and gas industry is largely privatised, and the state does not own major gas burners in power stations. Additionally, Britain got rid of its gas storage facility about 10 years ago, which was a 'big mistake.'

Gibbs argues that our continued reliance on oil and gas is a clear cause of energy insecurity for Scots, leading to both higher prices and volatility around supply. He notes that the Iran war created potential shortage concerns about Britain's access to jet fuel.

Dr. Gibbs also suggests that the contraction in the North Sea industry is due to decisions made by private companies, which have been getting out of the North Sea for a long time. BP recently announced it's selling off its last North Sea assets.