UK Considers Expanding Domestic Energy Resources While Weaning Off Russian Oil: Report

The U.K. government is scrambling to consider different domestic energy resources, including offshore drilling and fracking, in order to transition the country away from its dependence on Russian energy.

What Happened: According to a Bloomberg report, the U.K. is aiming to save $5.3 billion this year that would have been spent on Russian oil imports by switching to domestic energy self-sufficiency. Although Russian imports make up less than 4% of the country’s energy supply, the ongoing Russian war in Ukraine has exposed a strain of economic fragility that Prime Minister Boris Johnson’s government is rushing to mitigate.

“We need to meet the long-term impacts of the spike in energy prices, and that’s why I will be setting out an energy independence plan for this country in the course of the next few days,” said Johnson in an address before the House of Commons on Wednesday. The aim is to “prepare our people for the long term with sustainable, cost-efficient energy supply.”

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What Happens Next: Among the domestic energy resources being considered are new licensing for oil and gas drilling in the North Sea, fracking within the U.K. and the installation of new onshore wind turbine developments.

Business Secretary Kwasi Kwarteng also raised the possibility of adding new nuclear energy installations, with the pledge of “more cash for future large projects.” He also stated the government is working with companies to find alternative supplies through a new task force that includes entities from the U.S., the Netherlands and the nations of the Persian Gulf.

“We fully intend, and we must end our dependency on all Russian oil and gas hydrocarbons,” Kwarteng told the House of Commons. “Businesses should use this year to ensure as smooth a transition as possible to ensure consumers will not be affected.”

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