According to Britain’s Oil & Gas lobby group, while Britain’s oil and gas industry is in sharp decline, it remains fundamental for jobs and the UK economy.
Last year taxes on oil and natural gas production provided 20 percent of Britain’s total corporation taxes received by the Exchequer, with the country’s hydrocarbon sector employing 440,000 people.
The bad news?
Of these nearly half-million British energy workers, 45 percent are in Scotland, where the nationalist Scottish National Party firebrand, SNP first Minister Alex Salmond, is vigorously pushing for a referendum on Scottish independence in autumn 2014.
But, back to Britain’s current energy situation. According to Britain’s Oil & Gas, Westminster is forecasting that even amid vast investment into renewable energy sources, the UK will still need oil and gas for 70 percent of its energy needs by 2020, even though Britain is the third largest natural gas and second largest oil producer in Europe and 19th largest in the world for both oil and natural gas.
Wait, it gets worse.