Exploiting more of our North Sea oil and gas reserves will make absolutely no difference to our energy security nor the prices we pay in the shops because the oil or gas would just be sold on international markets at the global price. We know this because Ed Miliband and others keep telling us so. Not for the first time, it has taken Donald Trump to expose the falseness of this argument.

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As I have written here before, it is obvious nonsense in the case of gas because there is no global gas price: wholesale prices are very regional, and are about three times as much in Europe as they are in the US.  Crude oil, it is true, is traded more as a global commodity, but what will that count for if the world descends into energy nationalism just as it did with vaccine nationalism during Covid. It should have been obvious all along that in a deep crisis........

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