Calls to drill in the North Sea have grown amid skyrocketing European energy prices, but experts say this won’t lower bills. Brent crude rose to $114 per barrel after attacks on key energy sites like Iran’s South Pars and Qatar’s Ras Laffan.
Europe faces a €150 million daily premium as oil exceeds $100 per barrel. UK households could see energy bills rise 30% if high prices persist. Meanwhile, UK government officials remain divided, with some calling for renewed drilling licenses despite evidence that renewables offer far greater savings.
A University of Oxford study found renewable energy could save households up to £441 annually, while North Sea drilling would yield minimal savings of £16-£82 per year. Researchers emphasize renewables provide lasting benefits, unlike finite North Sea resources.
Global markets dictate oil and gas costs, meaning increased domestic supply won’t shield British consumers from price shocks.