Prof Steve Horwitz
The continuing unrest in the Middle East has produced much talk about oil and oil prices with the announcement of vast profits by domestic suppliers. Nobody would think the UK produces oil because North Sea oil is never been mentioned and it's time it was given a little credit.
The city of Aberdeen has been a major player in the oil and gas industry since large offshore deposits were discovered in the early 70s. North Sea oil has been the foundation of Britain's economy ever since, yet it is seldom mentioned by politicians these days, unless it is in a negative context of comparisons with renewable energy sources.
In recent years we have been led to believe the oil reserves will be depleted in 5/10/20 years - make your choice - and I have long argued against these claims. The BBC and most of the MSM regurgitate the government's stance therefore it is little wonder it was only the Aberdeen P and J which has reported a 'Renewed drive for oil and gas promises boom'.
Increased capital investment amid buoyancy in the market could lead up to 15,000 people being employed by the industry this year.
Scotland accounts for about 45% of all oil and gas jobs in the UK and the Aberdeen area is home to the bulk of positions north of the border.
OGUK chief executive, Malcolm Webb, hailed the findings of the group's latest activity survey as a sign of renewed interest in Britain's oil and gas assets.
“There is huge potential,” said Mr Webb. “We have the capability and resources to drive economic growth for decades to come.”
Mr Webb isn't talking in years but decades. OGUK also added:
OGUK said there were significant challenges ahead for the industry, including fast-rising operating and decommissioning costs as well as “areas of uncertainty” on taxation.
But it added the bright prospects revealed by its survey showed that the importance of the UK oil and gas sector in economic recovery “must not be overlooked”.
It has been overlooked for years even though it's been oil which is seeing us through the worst depression since the 1930s. It is time the MSM, including the BBC, acknowledged the contribution North Sea oil has made to the UK's economy. With the ongoing unrest in the Middle East, our oil is more valuable to us than ever.
The green lobby won't like it of course; they would prefer we pay extra taxes for windmills to give an occasional shudder and to use the hidden 'green' taxes imposed upon us to reimburse those who can afford to install expensive solar systems on their property. If I was thirty years younger I would build my own house using geothermal energy as my heating source and hydro for my power. GE is not appropriate to every area though and surveying is expensive but it would be worth investigating.
As I've no chance of being 30 years younger I'm content to stick with using the oil found on my own doorstep. The days of believing oil is running out are long gone.
Thanks to the Filthy Engineer for the video.