Wanted: Less complacency about our energy needs

As far as energy is concerned, potential Brexit tariffs and the sterling exchange rate are red herrings. Tariffs — as opposed to transport costs — are no big deal in the oil, gas or electricity exploration and production industries.

Even trade in Russian gas, through Ukraine and Belarus, are not affected by tariffs, and a post-Brexit UK will likely be no different. That’s because gas prices are set in dollars and the British currently import over 60% of their gas, and so they are effectively re-exporting Norwegian and Russian gas to Ireland.

Meanwhile, Ireland imports 40% of its gas needs.