00:00I think there's two big challenges around that. I think when you look at oil and gas, we have oil
00:04and gas in the North Sea.
00:06This Labour government made a decision that we would stop drilling that.
00:10The end result means we're importing oil and gas from abroad.
00:14That is worse for the environment. It creates more emissions in transporting all this stuff.
00:18It's worse for prices. It reduces supply, puts demand and supply against each other, meaning we're paying more.
00:25It's driving up prices. It's putting lots of people out of work who would have been involved in drilling.
00:30In the North Sea. And it makes us more subject to these international shocks.
00:35We're reliant on oil and gas from places like Iran because we're not drilling our own.
00:39And that has huge consequences. And also coming down the line, at this point, when prices are up,
00:45the Chancellor is still looking to increase fuel duty for the first time in 15 or 16 years.
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