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This has nothing to do with Brexit, it is about the anti-Russian sanctions, specifically the energy sanctions, but also knock on effects. The UK imports large
by rsj_hn 4y ago
This has nothing to do with Brexit, it is about the anti-Russian sanctions, specifically the energy sanctions, but also knock on effects.
The UK imports large quantities of oil and natural gas, and these are now much more expensive, which is hitting the UK economy. Nations that are more energy independent suffer less.
The UK, although it has North Seas oil, does not have sufficient quantities of domestic gas production, and even the North Seas oil is a bit tricky because of the refinery situation in Europe is not set up for self-sufficiency -- e.g. the UK exports about as much oil as it imports, with different nations responsible for supplying different distillates, so it's not the case that the UK, when faced with a shortfall of foreign oil imports, can just use its own oil. Long term it can, assuming refineries are built domestically, but not in the short term. But for natural gas, there isn't really a replacement -- perhaps nuclear, but that is very long term.