Economic Report 2022 - OEUK

Energy prices

The energy supply crisis has caused market chaos, with huge price rises

Gas prices in 2022 have averaged

200 p/th

Prices are likely to rise further – winter 2022 prices are trading at over

4x This is 4 times the real terms average over the last 20 years

Oil prices are the highest they have been for many years – but not unprecedented

700 p/th

These are contributing to a cost-of-living crisis

Domestic bills have grown by 80% and are likely to rise further

80%

The UK is heading for recession

Energy prices account for ½ of UK inflation

Economic contribution

Oil and gas activity supports almost 214,000 jobs across the length and breadth of the UK

i n Northern Ireland 1,700

i n Wales 3,900

i n England 117,600

i n Scotland 90,000

The oil and gas industry is estimated to support £28.4bn of gross value-added

Providing £2.1mn of value for every £1mn spent

£28.4 bn

Almost £400bn have been paid in oil and gas production taxes since 1970

£400 bn

£7.8bn estimated for 2022/23 and another £5bn in the first 12 months of the windfall tax

ECONOMI C REPORT 2022

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