Cost of Living
Much of the debate about oil and gas focuses on whether increasing North Sea supply would reduce household energy bills and ease the UK’s cost-of-living crisis.
The North Sea has returned more the £400billion in tax revenues to Westminster since production started in the 1970s - money which has underpinned UK public services for five decades.
1
Will new drilling lower bills?
Bills are shaped by wholesale markets, but domestic production keeps more jobs, investment and tax revenue in Britain while demand remains.
2
Is the industry asking for tax breaks?
The industry is asking for a stable, investable tax regime - not low taxation.
3
Are UK oil companies making huge profits?
Global profits are not the same as UK North Sea profits.
4
Does exported North Sea oil benefit the UK?
North Sea oil is part of a wider European refining and oil products system Britain relies on, while domestic production supports UK jobs, investment, tax revenues and supply-chain capability.