Extracts from Scottish Parliament debate on the Oil and Gas Industry - Jun 5

Daniel Johnson (Edinburgh Southern) (Lab):...The cost of energy is absolutely critical. If we ever needed a lesson in that, we would just have to look at how, in the past couple of years, utility bills have doubled, food bills have increased by a third and the cost of doing business has skyrocketed, all because of an energy shock. In line with that, utility companies, particularly those in the petrochemical industry, saw their revenues increase threefold, with profits by Shell and BP alone doubling in 2022...

...Last year, BP made more than £30 billion-worth of profits and Shell made more than £50 billion-worth of profits, and much of that excess profit is used for share buy-back. Does the member accept that that is not a good use of money and that it should be invested in renewables, which is what our proposition is?..

To read the whole debate, OPEN HERE