Just stop oil?
Think tank: Institute of Economic Affairs
Author(s): Kathryn Porter
February 18, 2026
This report from UK think tank the Institute of Economic Affairs examines the economic and environmental consequences of ending domestic oil and gas production.
No credible forecast shows UK oil and gas demand falling to zero by 2050, even under net zero scenarios – oil and gas are essential ingredients in plastics, fertilisers, medicines and modern technology.
The 78% headline tax rate is forcing a decline in North Sea production and driving investment overseas, with the workforce forecast to halve to as low as 57,000 by the early 2030s – losing up to 1,000 jobs a month.
