Would more North Sea drilling lower UK energy bills? Our analysis says no

By Cassandra Etter-Wenzel, PhD Candidate in Energy Policy, University of Oxford
Anupama Sen, Head of Policy Engagement, Smith School of Enterprise and the Environment, and Fellow in Environmental Change, Reuben College, University of Oxford
Nadia Schroeder, Head of Strategy and New Initiatives, Smith School of Enterprise and the Environment, University of Oxford

As the Middle East conflict intensifies and oil and gas prices swing wildly, the UK has seen renewed calls to drill more in the North Sea. The argument is straightforward: if Britain produces more of its own oil and gas, household energy bills should fall.

But our analysis suggests the effect would be minimal. Even if the UK maximised North Sea extraction and returned revenues directly to households, the reduction in energy…

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