Martin McCluskey

Martin McCluskey

Labour — Inverclyde and Renfrewshire West

Speaking in the House of Commons on 24 March 2026

Debate

Oil and Gas

Contribution

As the hon. Member will know, the price of gas and oil is set on an international market and, as I have said, extracting more from the North sea would not make a penny’s difference to the price in this country. The North sea is a super-mature basin that accounts for around 0.7% of global oil and gas production. Production has been naturally falling for more than 20 years, which means that our North sea no longer has the reserves available to support domestic energy demand. Crucially, any new licences now would not make any difference to people’s energy bills because, regardless of where it comes from, oil and gas is sold on international markets, where we are price takers, not price makers.

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