why are energy prices rising in the UK, when their main sources is its own North Sea gas?

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why are energy prices rising in the UK, when their main sources is its own North Sea gas?

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Where the gas comes from doesn’t matter that much as the UK doesn’t actually own its gas supplies – rather, privately owned corporations such as British Gas control the gas and are allowed to export it to whomever they please.

If the price that other countries are willing to pay goes up then those companies will simply sell to those countries instead.

Norway is the UKs primary gas supplier. It is North Sea gas, but it’s Norway’s North Sea gas.

It’s a free market.

The producer of gas can ask for international market rates or it can sell for the domestic rate.

There’s literally no reason for them to sell it at domestic rates when you can get 10x the price in international markets.

But to answer the question.

Greed. That’s it.

Commodity spot prices aren’t location dependent and established long-term contracts are somewhat dependent on Russia fulfilling their supply obligations at agreed upon pricing.

Bunch of variables, really. But proximity pricing is not one of them.

They give the North Sea Oil huge tax breaks with the expectation that it’ll be good for the economy and they’ll keep prices competitive. And the oil companies are laughing all the way to the bank.