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Loads of Oil

Oh yes, loads of lovely billions of barrels just under Gatwick.  In fact enough to keep the UK going for many years, equivalent to a large slice of what was under the North Sea. 

So, what should we do with it?  CST has come up with two options.

1) Leave it in the ground

As a UK resource it may be tapped at any future date.  This automatically provides the UKeconomy with a significant back-stop.  It would underpin the value of Britain and thus the pound sterling, along with a balance against our national indebtedness.  Even at current values it is worth around £400bn and would make a difference.  At historically higher oil values, it would be worth as much as the UK's national debt. 

Hopefully, with this option as a back-stop we would never need to use it.  This would then provide a future resource as a more useful scarce source for industrial manufacturing rather than just burning it for fuel in the short term.

CST thinks the above option a little limp, and so we have another option:-

2) The Hydrogen Plan

We own this oil.  The Government could ring-fence the profits from its extraction.  This profit is put directly into a specific Hydrogen Fund to power the Hydrogen Plan.   Only enough oil is tapped to provide for this fund's investment requirements.

See: The Hydrogen Plan




How best to utilise the bonanza discovery under Gatewick? Will the UK just add oil to the climate-change fire, or could we be creative and do something spectacular with this UK wide 'lottery win'?


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