US President Donald Trump has launched a fierce attack on the UK’s energy strategy, accusing the government of wasting the remaining economic potential of the North Sea and “destroying the country”.
Speaking to GB News, Mr Trump said the UK was failing to exploit “one of the best [oil] fields anywhere in the world”, arguing that huge reserves remained untapped.
He told the broadcaster: “The UK has one of the best fields anywhere in the world and you don't use it.
“You have this beautiful, clean, really incredible oil and gas and it is sitting there. The value that is being wasted in this country is so sad.”
He warned that the current approach — including a ban on new exploration licences — was driving up costs for households and undermining national competitiveness.
He said: “Your energy costs are amongst the highest in the world, it's crazy.”
Mr Trump said major North Sea operators had been “rebuffed”, adding that it had become “impossible for anyone to drill environmentally and taxation wise.”
The comments come after the North Sea Transition Authority recently confirmed an estimated 15.8bn barrels of recoverable oil and gas remain in potential new areas of the basin. These estimates were based on surveys conducted before Energy Secretary Ed Miliband moved to block future exploration.
Industry leaders have repeatedly warned that prolonged windfall taxes are damaging investment confidence. The Energy Profits Levy currently stands at 38% - bringing the combined tax rate to 78% - and is set to run until March 2030.
More than 110 companies have written to the government urging its removal, with Offshore Energies UK warning the most recent extension could put 35,000 jobs at risk.