Tom Harwood: UK energy imports cost $19bn more annually as oil prices rise

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23.03.2026

Tom Harwood: UK energy imports cost $19bn more annually as oil prices rise — UK energy costs rise $19bn

The United Kingdom imports approximately 550 million units of energy, with each unit equal to a barrel of oil or its equivalent.

According to Tom Harwood, the price of oil has increased by £34 per barrel compared to last year's average. If these elevated prices persist, the UK will be about $19bn worse off each year. Harwood highlights the significant impact of energy price changes on the national economy.

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