FACT: The UK is part of an integrated European energy market, which means all the gas produced in the UK is traded on the open market and sold to the highest bidder. The Government cannot therefore ‘reserve gas for the UK’ or control the price. If private companies can earn more money by selling gas abroad, they will. In fact, the UK currently exports nearly 30% of the gas it produces. Also, despite what politicians would have you believe, we do not rely on Russia for our gas supply. According to the 2014 Government DUKES report, 97% of our imported gas comes from Norway (57.4%), Qatar (24.4%) and Holland (15.1%) – but very little comes from Russia.
- Next Meeting
- MYTH #2: “Fracking will lower energy prices”