Gas prices reach three-year high: comment

Commenting on natural gas prices reaching a three-year high [1], Jess Ralston, Head of Energy at the Energy and Climate Intelligence Unit (ECIU), said: "Every spike in global gas prices, which seem to come more and more frequently in this unstable world, is a reminder of how vulnerable the UK remains to wars thousands of miles away because of our dependence on gas, particularly for heating. More North Sea drilling won't lower prices; there's not enough left to move the dial on internationally set prices with around 90% of the North Sea's oil and gas already extracted. [2]

"The debate around the North Sea distracts from the real challenge which is that unless the UK reduces its demand for gas – in power stations and to do the basics of heating homes – we become ever more reliant on foreign imports and continue to have no control over the price. Unless the UK shifts to clean power and electric heat pumps, and moves away from gas, it’ll be foreign leaders and wars that decide whether our homes can stay warm."

ENDS

Notes to editors:

1. UK NBP Natural Gas Futures & Trading Economics 

2. Around 90% of UK North Sea oil and gas ‘already drained dry’ – analysis (ECIU) 

For more information or for interview requests:

George Smeeton, Head of Communications, ECIU, Tel: 020 8156 5305, M: 07894 571 153, email: george.smeeton@eciu.net