I think the people of the UK who are struggling to afford to heat their homes this winter would disagree that the market is working.
I generally agree with free markets but I also believe the government should step in and regulate, impose restriction or cut taxes when their own people are suffering.
I agree that there are cares where the market needs to be directed into the right direction because incentives are missing. Natural monopolies immediately come to mind and if course not paying for negative externalities.
Where I disagree is when we try to manipulate the market to lower prices so that poor people can afford it. Let's stop screwing with the market when not necessary and just make sure people have the needed money to get by. Ultimately that will need cheaper in total. But costs would be obvious instead of hidden ask it's politically hard to impossible.
About 40 billion cubic meters (bcm) annually in recent years down from 100bcm in 2004. I believe mostly from the North Sea. We use about 70bcm per year and so are net importers, which makes the fact we have increased exports during an energy crisis confusing.
I believe the stats on exports are exclusive to exports of what we have “produced”.
From my maths we exported about 3bcm of gas Sept-Nov last year.
My understanding from memory is that the oil/gas companies licence the right to drill in the north sea from the Crown (effectively the government). I believe the Crown estate “owns” the seabed, or something like that.
