Would more North Sea drilling mean lower energy prices for UK consumers?

"Oil prices hit $100 a barrel soon after the US and Israel launched their attack on Iran, and ongoing supply issues from the partial closure of the strait of Hormuz mean they could leap higher, to $150 a barrel or more, by some estimates."

"Kemi Badenoch, leader of the Conservative party, this week laid out a plan to get Britain drilling, which would involve opening new oil and gasfields in the North Sea, to maximise production, alongside measures to cut energy bills."

"The Conservatives have acknowledged this in the past, and appear to be moving away from such claims. Badenoch's new plan for drilling largely relies on tax reforms for energy bill reductions."

"The windfall tax has raised about 12bn so far. As the charge is levied on the excess profits companies have made by receiving much higher prices, scrapping it could undermine the proposed benefits of increased drilling."

Oil prices surged to $100 a barrel following military actions involving the US and Israel against Iran. Supply disruptions from the strait of Hormuz could push prices to $150 or higher. This increase would affect petrol, heating oil, and gas prices, leading to inflation in food and consumer goods. Kemi Badenoch's plan to increase UK drilling aims to reduce energy bills through tax reforms, but critics argue that drilling won't lower prices for consumers due to international market dynamics. The Conservatives are reconsidering previous claims about drilling's impact on prices.

Read at www.theguardian.com