Experts issue verdict on whether North Sea drilling will reduce UK energy bills

"Research from the University of Oxford Smith School indicates that a UK powered entirely by clean energy, utilising technologies such as electric heat pumps for home heating, could save households up to 441 annually on their bills. In stark contrast, maximising oil and gas extraction from the North Sea would offer a mere 16 to 82 in annual savings per household."

"Analysts warn that without the government specifically earmarking these tax revenues to lower household bills, there would be "no discernible benefit" to consumers whatsoever, given that oil and gas prices are dictated by volatile international markets."

Research from the University of Oxford Smith School demonstrates that transitioning the UK to entirely clean energy using technologies like electric heat pumps could deliver substantial household savings of up to £441 per year. In comparison, maximizing North Sea oil and gas extraction would provide minimal savings of only £16 to £82 annually per household, and only if tax revenues from fossil fuel companies are directly redistributed to families. Experts dismiss claims that North Sea drilling significantly reduces energy bills as "sheer fantasy." Without government commitment to earmarking fossil fuel tax revenues specifically for lowering household bills, consumers would see no tangible benefits, since oil and gas prices are determined by volatile international markets beyond UK control.

Read at www.independent.co.uk