North Sea Oil and Gas
Bring into Public Ownership
As existed in the past
BRING NORTH SEA OIL AND GAS BACK INTO PUBLIC OWNERSHIP
- Ring fence profit from
re-nationalised
North Sea oil and gas
to fund: - Fully resurrected public NHS,
- Fund £665
Winter Fuel Payment for all UK citizen residents.
- Pay Treasury supplement into National Insurance Fund at its pre-1981 level of 18 per cent of National Insurance contributions.
- Source: the late Tony Lynes, top state pension expert.
Background:
Polling back in 2024 found older people more in favour of new oil and gas drill projects in North Sea than younger people, who do not vote.
information on Wikipedia
..."The British gas industry had been in state ownership since nationalisation of the industry in 1949. The Gas Act 1972 had established the British Gas Corporation to exercise full responsibility for the oversight, control and operation of the gas industry.
The government had established the British National Oil Corporation (BNOC) in 1975 under the provision of the Petroleum and Submarine Pipe-lines Act 1975.
BNOC had the power to search for and produce petroleum in underground strata in any part of the world; to move, store and treat petroleum and anything derived from it; and to buy, sell and otherwise deal in petroleum and anything derived from it.
As constituted BNOC was effectively two businesses: firstly for the production of oil, and secondly the trading in oil."...
It was Tory Prime Minister Thatcher who privatised oil and gas back from 1982. And ..."The British gas industry was privatised in 1986 under the provisions of the Gas Act 1986"...
And the BBC informs us ..."While the UK is heavily reliant on oil and gas imports, there's no guarantee that extra domestic production would stay in the UK, especially when it comes to oil.
This is because it is extracted by private companies, who sell it on the open international market, rather than necessarily to the UK.
For this reason - and because some oil can't be refined in the UK - around 80% of the oil produced, external in the North Sea is actually exported."...
..."More than 280,000 jobs are supported by the oil and gas industry across the UK".
peoplewithenergy.co.uk
But oil fields remain to be drilled. ..."While there remains many years (and many billions of pounds) worth of oil and gas in the North Sea and the UKCS, drilling activity is at a 50 year low. The number of new oil and gas wells being drilled has fallen to the lowest level since 1965 – the second year that activity began in the basin."... peoplewithenergy.co.uk