Draining the North Sea of all oil and gas would cost households more than a fully renewable-powered UK, according to a new Oxford Smith School analysis.
Conflict in the Middle East has triggered renewed calls for the UK to restart drilling in the North Sea. The argument is that if we produce more of our own oil and gas, household energy bills would fall.
However, analysis from the Smith School of Enterprise and the Environment (Oxford Smith School), an interdisciplinary research centre of the University of Oxford, finds that the effect would be minimal.
Their analysis shows that even if the UK maximised oil and gas extraction from the North Sea and returned revenues collected directly to households, the reduction in energy bills would be a modest £16 to £82 a year.
In comparison, a UK powered fully by renewable energy could save all households up to £441 a year on their energy bills.
“The idea that draining the North Sea would make the UK more energy secure or significantly save on household...