Britain is doubling down on its commitment to net-zero emissions targets in light of energy volatility caused by the U.S.-Iran war, the government announced Tuesday, in spite of President Trump’s insistence that they should drill for North Sea oil.
“As we face the second fossil fuel shock in less than 5 years, the lesson for our country is clear,” said U.K. energy secretary Ed Miliband, referring to energy price spikes resulting from Russia’s invasion of Ukraine in 2022 and the ongoing U.S.-Israeli campaign against Iran. “The era of fossil fuel security is over, and the era of clean energy security must come of age.”
In a statement explaining the British government’s raft of new policies to “break the link” between volatile global gas prices and the price of electricity for Brits, Prime Minister Keir Starmer said, “We need to get off the fossil fuel rollercoaster.”
U.K. energy prices have skyrocketed since the war on Iran began, prompting calls from opposition parties on the right to reverse a 2025 ban on drilling for oil and gas in the North Sea.
Mr. Trump has thrown his weight behind that argument, posting on Truth Social last Tuesday that the U.K. should “DRILL, BABY, DRILL!!! It is absolutely crazy that they don’t.”
“Europe is desperate for Energy, and yet the United Kingdom refuses to open North Sea Oil, one of the greatest fields in the World. Tragic!!”
“AND, NO MORE WINDMILLS!” he added, a reference to wind turbines, which he has long opposed.
The North Sea is a “mature basin,” which means much of its natural resources have already been extracted – around 90%, according to the Energy & Climate Intelligence Unit, a nonprofit.
Analysts say that if production were to begin again, the oil would not immediately materialize, as it takes years to find the oil, build a new oil field and start production.
Oil prices dropped Friday as rumors spread that the Strait of Hormuz was to be reopened, but those hopes were dashed over the weekend. Market uncertainty continues with the ceasefire between the U.S. and Iran due to soon expire.