‘Start drilling’ argues free market think tank as North Sea oil fields get go ahead

A free market think tank has spoken out in favour of the government’s alleged decision to approve six North Sea oil and gas fields for drilling.

Commenting on reports, Andy Mayer, Energy Analyst at the Institute of Economic Affairs, said: “The unblocking of North Sea licences for oil and gas exploration is welcome. It does, however, show that  investment decisions were being blocked by political, not economic or environmental objections. This remains the case for onshore fracking – which is still banned.

“The UK still needs fossil fuels while it transitions to a low carbon future. ‘Leaving it in the ground’ means dirtier, more expensive imports, denying the UK investment, jobs, and the taxes that come from domestic production.

“The government decided it needed to adopt an extreme Net Zero message for COP26, to support its narrative of ‘leading the world’ on tackling climate change. It’s now, as the Prime Minister said, ‘time to grow up’, to stop posing and start drilling.”

Labour have slammed the plans, accusing the government of being ‘out of step’ with public in rejecting oil company tax

Shadow climate minister and former Labour leader Ed Miliband claimed via Twitter today that a levy on oil companies is “fair and right”.