With the price of oil skyrocketing after his blockade of the Strait of Hormuz, Donald Trump is grasping at the ‘special relationship’ for a solution.
The US President mocked the United Kingdom for refusing to drill in the North Sea and choosing renewable sources of energy.
He posted on Truth Social: ‘Europe is desperate for Energy, and yet the United Kingdom refuses to open North Sea Oil, one of the greatest fields in the World. Tragic!!! Aberdeen should be booming.
‘They are making a fortune. U.K., which is better situated on the North Sea for purposes of energy than Norway, should, DRILL, BABY, DRILL!!! It is absolutely crazy that they don’t… AND, NO MORE WINDMILLS!’
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There’s an untapped gas field 150 miles east of Aberdeen, called Jackdaw. If that untapped field was to be tapped, we’d get enough gas to heat 1.6 million homes.
But Energy Secretary Ed Miliband has said cracking open the new oil and gas fields in the North Sea wouldn’t take a penny off UK energy bills, as the price is set on international markets.
The government says the shift to renewable and nuclear energy additionally makes sense because the North Sea is maturing and has been in decline for more than 20 years, so Britain should get well-prepared for a future where we can’t rely on what’s beneath it.
In the face of a spike in energy prices caused by the Iran war hitting the UK and wider global economy, US Treasury Secretary Scott Bessent has said ‘a small bit of economic pain for a few weeks is worth taking off the incalculable tail risk of either a nuclear Iran or a nuclear Iran that uses that weapon’.
As Chancellor Rachel Reeves hit out at the ‘folly of America’s actions in the Middle East and its impact on families, Mr Bessent insisted ‘there is nothing more transient than what we are seeing now’.
He said: ‘So the conflict will end, prices will come down, and then headline inflation will come down, and with that, gasoline prices will come down.’
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