The UK has the largest energy resources of any EU state. The country's energy position is bolstered by substantial oil and gas reserves offshore on the Continental Shelf in the North Sea. Drilled under difficult conditions, the oil is of a high grade. Revenues from taxes on oil companies have been a major contributor to government finances, averaging around $12 billion a year. The oil is expected to last at least until 2010.
Coal reserves are also sizeable, and at current rates could meet Britain's energy needs well into 2400. However, the privatization of the electricity industry resulted in the industry switching from coal to gas-fired power stations. The consequent fall in demand for coal has resulted in the closure of all but 14 mines.
The UK produces few other minerals in significant quantities. Tin workings in the West Country and gold mines in Wales and Scotland have mostly been mined out.
