Consultation response: Oil and Gas Fiscal Regime Review
T&E's response to the questions posed by the Oil and Gas Fiscal Regime Review Call for Evidence
This consultation marks a step in the UK’s efforts to determine long-term future of oil and gas in the country as it transitions to netzero. decarbonise road transport. The government will use the evidence gathered to review the design of the fiscal regime as pertaining to oil and gas.
T&E is receptive to these considerations but notes several points in which the review is misguided. Firstly, one of the core tenets of the review – that oil will be needed up to and perhaps even post-2050 – is plainly wrong; secondly, that it does not note the recent and forthcoming advancements in batteries and alternative, sustainable fuels; and thirdly, that continued exploitation of oil and gas resources are necessary for energy security in the UK
Our response sets out details on our recommendations for a timeline to the end of oil and gas subsidies, building out UK grid-connected electricity capacity, speeding up the switch away from oil and gas burning devices, and applying fuel duty to jet and bunker fuel.
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