Miliband: Drilling Won't Lower Energy Prices

0:00On March 24th, Ed Millivan, the UK's Energy Secretary, insists that approving more oil and gas drilling in the North Sea, won't lower soaring energy, and petrol prices. He told Labour MPs that prices are spiking due to the U.S.-Israeli conflict with Iran, not a lack of domestic supply, since North Sea resources trade on. Global markets. Meanwhile, the Conservatives plan to force a commons vote today demanding new drilling licenses for the Rosebank and Jackdaw Fields. They argue lifting the ban would boost energy security and help with the current supply crunch caused by disruptions in key shipping routes like the Straight of Hormuz. Some reactions highlight the divide. A Labour MP from Pembrokeshire, whose area has an oil refinery, urges a policy shift to support jobs in growth. Shadow Energy Secretary Claire Coutinho calls the restrictions unwise amid the crisis, warning the UK could import up to 82% of its gas by 2035.

1:01Experts back Millivan's view, saying maximum North Sea extraction might save households just 16 to 82 pounds a year while full. Renewables could cut bills by 105 to 441 pounds. Drilling revenues often don't directly help consumers anyway. To push clean energy, Millivan announced new homes must include solar panels and heat pumps, potentially saving 830 pounds yearly per. Home versus older standards. Plug-in solar panels will hit shops like Littlesoon, helping cut grid reliance and build long-term security beyond fossil fuels.