“Drill baby drill” approach to North Sea would cost households more than a fully renewable UK

Monday 23 Mar 2026
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A UK powered fully by renewable energy could save all households up to £441 a year on their energy bills, according to a new Oxford Smith School analysis. In comparison, maximising oil & gas extraction from the North Sea would save households a modest £16 – £82 per year – and only if the tax revenues collected were distributed to households to offset their energy bills, the authors say.

Read more on the Smith School website