Ed Miliband Costs Britain One Billion Barrels of North Sea Oil
Ed Miliband will cost Britain one billion barrels of North Sea oil and gas, official data confirm, as a sharp drop in output up to 2050 emerges – a result of Labour imposing 78% taxes and a ban on new drilling. The Telegraph has more.
For Ed Miliband, it’s a truly awkward moment.
His own statisticians have released data showing that Britain’s North Sea will produce a billion barrels of oil and gas fewer than expected between now and 2050 – with analysts linking the downgrade to Labour’s imposition of 78% taxes and a ban on new drilling.
The assessment, by the North Sea Transition Authority (NSTA), the Government regulator that reports to Mr Miliband, suggests the UK will have to import a far higher proportion of its oil and gas over the next 25 years.
According to a separate analysis, the accelerated decline of the North Sea could see half the 200,000 jobs it supports destroyed by 2030.
Many of those will be in Scotland, where elections due next year make such potential losses seriously risky for Labour’s prospects.
“We have already seen a 10% reduction in output – equating to 100,000 barrels of oil a day, replaced by imports,” said Chris Wheaton, an energy analyst with investment bank Stifel. “This will increase the longer the windfall tax stays in place – reaching 20% below previous forecasts by 2030.”
The downgrade in North Sea output emerges from comparing the production projections published by the NSTA in 2023 – before the election – with the latest versions, just published.
In autumn 2023, the NSTA predicted the UK would produce oil and gas equivalent to 681 million tonnes of oil between 2025 and 2050.
In the latest equivalent data, this has now been slashed to 557 million tonnes. The ‘lost’ 124 million tonnes equates to a billion barrels of oil.
Splitting oil and gas, the NSTA data suggests the UK has lost 31 billion cubic metres of gas, enough for six months of UK consumption, and 70 million tonnes of oil – enough to supply the UK for a year.
Mr Wheaton said: “Investment is being curtailed, and companies are voting with their feet. Chevron and Repsol are already exiting the UK North Sea, and [last week] TotalEnergies also announced plans to sell up.” …
Claire Coutinho, Shadow Energy Secretary, said: “This is complete insanity. Ed Miliband is costing the UK a billion barrels of oil. He is driving British production of oil and gas into the ground, all so we can import more from abroad.
“He needs to get a grip, scrap the energy price levy, end the ban on new oil and gas licences and back the North Sea.”
Richard Tice, Reform’s Energy Spokesman, said: “This is self-induced financial suicide. The UK will lose tens of billions of pounds in lost growth and jobs in pursuit of a vanity target, Net stupid Zero. Our competitors will be laughing at our naïve foolishness as they take our jobs and money.”
Worth reading in full.
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Such reports no longer surprise or shock us. We have long understood that the elites don’t govern us to improve things they rule us to achieve their dreams and fantasies.
We just have to get through this somehow but we must remember to pressure a future non-elite government to fully investigate and disclose who did what.
After wars it used to be routine for the government to commission historians to write an authoritative account. That should be done for our whole involvement in the EU, Net Zero and the human rights fiasco.
And initiate trials to bring the guilty to justice! Net zero and vaccine trials for example, a new Nuremberg you might say!
We’d need to bring in investigators from abroad. Our judiciary is fully on board with all the wokery.
Why would he be surprised?
That’s the plan, obviously.
Finding a photo of Miliband looking like an escapee from an institution never seems to be a challenge.
There are those who in their manic quest to destroy others will destroy themselves if it achieves there aims.
What is he?
Psychopath: More calculated, charming, and emotionally detached; often genetic or neurological basis.
• Sociopath: More impulsive, prone to emotional outbursts, and may form some attachments; often linked to environmental factors like upbringing.
• Both lack empathy and disregard social norms, but psychopaths are typically more manipulative and controlled, while sociopaths are more unpredictable.
Oh dear. I think I may be a sociopath.
The only explanation that I can come up with is that Milliband is working on instructions directly from Soros in order to destroy western civilisation. Thank goodness that America is standing firm, although that won’t help Britain nor Europe.
From everything I’ve read it appears to be a pity that Soros escaped the Hungarian invasion in 1956.
I wonder if the people that kit out politicians with hard hats for photo opportunities exact a little revenge by supplying hats with hat bands that are set too small?
I have often wondered the same thing!
Either that or the politicians are too stupid to take it off, adjust the band and put it back on?
“Claire Coutinho, Shadow Energy Secretary”
From the party that failed to repeal the Climate Change Act during the 14 years they were in power.
Also voted overwhelmingly in favour of it:
“The UK’s Climate Change Act 2008 received overwhelming cross-party support in Parliament, with only 5 out of 646 MPs voting against it in the House of Commons. The Act passed through both the House of Lords and the House of Commons and received Royal Assent in 2008″
So you can sod off for a start, Coutinho. How can anyone take the Tories seriously?
The man is, like his vile communist party, an enemy of this country. His father was a commie who probably came here to further the aims of retarded communism. And his twat sons (both of them) are keeping it going.
Politicians are destroying us. We need a right thinking dictatorship to force us to become free enterprise and self managing. Look after yourself. The state is not your mother and father.
Well put ✅👍
Red Ed knows he’ll be kicked out at the next election.
He’s buying his post-Parliamentary career in the Global Eco Quangocracy with OUR jobs and money. Just like Alok Sharma did.
It’s a scorched earth policy. He’s not alone. The whole government is at it.
whats wrong with him, Milliband? its cear he has some kind of mental illness as he fails to see the sheer destruction his policies are causing.
Why is Starmer allowing this to continue?
It’s all by design and part of the plan…