Off the Fossil Fuel Rollercoaster

Over 3,300 miles away, the strait of Hormoz is effectively closed - Iranian mines sit on the seabed, US-Israeli strikes continue overhead, and over 150 oil tankers have dropped anchor.

As oil and fuel prices have soared here at home, the conflict in the Middle East has reminded us again that we cannot be at the mercy of global oil markets or the urges of unpredictable world leaders. 

However, as we improve our self-reliance on domestic energy sources, the opening of the Rosebank oil field in the North Sea is not the answer.

• The Economic Case: This will not bring bills down. North Sea output is far too small to influence global markets, and Rosebank’s Norwegian owner, Equinor, has said that the oil will be sold on the international market – most likely in Europe. Rather than benefiting UK residents, this is a transition of wealth from the UK to overseas.

  
  

• The Environmental Case: Developers estimate burning the oil could release around 250 million tonnes of carbon dioxide over 25 years. When compared to the UK’s 2024 annual emissions of 371 million tonnes, this represents a staggering environmental cost for minimal economic gain.

  
  

• The National Security Case: The approval of the Rosebank oil field will only maintain our exposure to volatile fossil fuels and the same supply shocks that have increased bills in the past. At best, Rosebank would reduce our gas import dependency by just 1% on average as households would still be vulnerable to key choke points such as the Strait of Hormuz.

It’s clear a fairer, more affordable, and secure path is needed – and its one we are already making rapid progress towards.

By doubling down on cheaper renewable energy and developing them together with local residents, we can create innovate jobs across the UK and support community-based energy projects that will directly benefit – and be owned – by rural communities across Newbury and West Berkshire. 

Past events have shown us the results of clinging to fossil fuels as the 2022 energy shock directly cost the UK and EU $1.8 trillion (£1.4 trillion) from 2022 to 2025, driving up bills and fuelling the cost-of-living crises. 

This is exactly why the Liberal Democrats have opposed the opening of Rosebank from the start and alongside over 50 cross-party MPs I have signed the Stop the Rosebank Pledge to urge the Government to block this development.

The Liberal Democrats have long-called for this change, and we will continue to be the constructive and ambitious opposition that pushes for affordable UK-owned energy.