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Just stop oil? The economic and environmental consequences of ending domestic oil and gas production

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  • Porter, Kathryn

Abstract

* No credible forecast shows UK oil and gas demand falling to zero by 2050, even under net zero scenarios - oil and gas are essential ingredients in plastics, fertilisers, medicines and modern technology * The 78% headline tax rate is forcing a decline in North Sea production and driving investment overseas, with the workforce forecast to halve to as low as 57,000 by the early 2030s - losing up to 1,000 jobs a month * Replacing domestic production with imports increases overall emissions by around 50% and risks gas shortages on cold winter days as early as 2026/27

Suggested Citation

  • Porter, Kathryn, 2026. "Just stop oil? The economic and environmental consequences of ending domestic oil and gas production," IEA Discussion Papers 145, Institute of Economic Affairs (IEA).
    • Handle: RePEc:zbw:ieadps:337449
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