Banning new North Sea developments guarantees higher energy bills, says IEA

Commenting on reports that Sir Keir Starmer will pledge to oppose new North Sea oil and gas developments, Andy Mayer, Energy Analyst at the Institute of Economic Affairs, a free market think tank, said:

“Last year, the opposition wanted to supertax the North Sea to reduce the cost of living. This year they want to destroy it, guaranteeing higher prices.

“Despite Net Zero plans, we will need fossil fuels for the next 20-30 years. With the global energy market increasingly plagued by uncertainty, politicians' hostility towards using the resources beneath our own waters is all the more perplexing.

“A smart transition would use our natural wealth to fund R&D into better cheaper solutions. This is the opposite, seeking higher prices to force change.

“The mere signal sent by this proposal will deter investment, which has already been damaged by government taxes and regulations. With this policy, Keir Starmer might as well jump in an Aberdeen taxi and hand out the dole notices.”