With respect, increasing renewable energy in the UK is the only way to avoid the country’s energy prices being dependent on despot regimes and murderous dictators.
Increasing oil extraction in the UK won't significantly lower energy bills because North Sea oil and gas are sold at global market prices, with most production exported rather than retained for domestic use. Domestic companies own the resources, which are subject to international supply and demand, and the production volumes are too small to influence global prices. Instead of more fossil fuels, investments in domestic renewable energy sources like wind and solar are a more effective way to achieve long-term, stable energy costs for UK consumers.
Why domestic extraction doesn't lower bills:
Global Markets:
Oil and gas prices are set on the international market, and UK production is too small to affect these global prices.
Exports:
A significant portion of the oil and gas extracted in the UK is exported, meaning it doesn't stay in the country to lower domestic prices.
Company Ownership:
The oil and gas extracted belong to energy companies that sell them to the highest bidder on the global market, not necessarily to UK consumers at a discount.
Declining Reserves:
North Sea oil and gas reserves are in decline, meaning future domestic production will be even less significant in influencing market prices, according to The London School of Economics and Political Science.
Better solutions for energy bills:
Invest in Renewables:
Expanding domestic renewable energy sources like wind and solar is the most effective strategy for reducing energy costs and providing stable, affordable energy.
Energy Efficiency:
Reducing the overall demand for energy through efficiency measures can also help lower bills, says The London School of Economics and Political Science.
Energy Security:
The focus should be on increasing the UK's ability to generate and store renewable energy to improve energy security and meet net-zero targets, rather than relying on fossil fuels that are subject to global price volatility, notes Carbon Tracker Initiative.
I am not a Labour voter, but even I recognise that it takes time to build renewable energy sources and connect them to the grid!
The problems we have now are due to the Tory’s failure to invest a decade ago.