Britain’s bounty is running dry

Guardian:

Although Gordon Brown urges the members of the Opec oil producing cartel to increase production to bring down prices, he will be quietly rubbing his hands with glee at the benevolent effect dearer energy is having on the UK’s public finances. With all the taxes levied on the North Sea oil and gas industry he, like previous chancellors, stands to make billions from the rise in prices which yesterday saw Brent crude break through the $50 a barrel level for the first time.

But Mr Brown should enjoy it while it lasts. The fact is UK oil and gas, which has given a big boost to the economy for the past two and a half decades, is running out fast. At current rates of extraction, the last drop of oil could be sucked out of the North Sea fields in about 10 years’ time.

Guardian