Tom Harwood: ‘Despite sitting on a wealth of natural gas resources, we chose to abandon them and be beholden to the whims of Mr Putin’
Tom Harwood: ‘Despite sitting on a wealth of natural gas resources, we chose to abandon them and be beholden to the whims of Mr Putin’
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Natural gas prices is a global problem, the way to ensure a much lower price would be to nationalize the UK’s gas industry, which would never happen under a Tory government.
The UK already produces 70% of the gas it uses, and it gets the rest from Norway and Qatar mostly. But because it’s a privatized industry, the price the UK pays for its own gas is set by the global market.
Fracking and producing more gas in the UK may slightly reduce the price of gas in Europe, but it would be by a very small amount if any and the only people to profit would be the private companies selling the gas.