Rick,
You raise a number of points about the UK's decisions on economic policy, way beyond energy security:I suspect there was an assumption that additional O&G would be found that could be exploited, to date - from my little knowledge - that has not happened. There remains a political reluctance to publicly acknowledge the North Sea "bonanza" is over. Today Alec Salmond, Scotland's First Minister and aspiring to independence, when interviewed referred to massive private investments still being made in the North Sea, not a word about declining production.If the UK hadn't been in such a hurry to sell off its new-found O&G during the Thatcher years, etc, they'd probably still have secure supplies from their own gas-fields.
In fact the North Sea oil was what was being sold, including at one point to Canada IIRC! The natural gas all came ashore here.
Yes, alas those who made the decisions did not think long-term. A few have asked what happened to the "bonanza". Even today our energy policy depends on our national ability to earn enough to import supplies. Security of supply is on the agenda, but is out of sight from nearly all.It has been argued that the UK economy was in such a shambles that they had little choice, but one would think that a more sustainable, long-term approach might have been developed.
The UK economy outside the City of London and the wider south east is not far off being a shambles.
Try this taster from The Guardian:Link:http://www.guardian.co.uk/commentisf...cal?CMP=twt_gu...the finding from Manchester University's Centre for Research on Socio-Cultural Change that in the Midlands, the north, Wales and Scotland between 1998 and 2007 the private sector created almost no net new jobs. North of the Watford Gap, it was left to the state to provide employment, and effectively cover up for the inertia of businesses.
The cited report:http://www.cresc.ac.uk/sites/default/files/wp%2075.pdf
What did the UK spend the "bonanza" on? Personal consumption yes and the public or state sector, which absorbed more and more often without giving the outcomes.
Bookmarks