The founder of Octopus Energy has urged Brits to do one thing now amid the “second gas crisis in four years”. Greg Jackson said the simple task will save you money, and it takes less than a minute to do.

It comes as the price of oil and gas has skyrocketed, following conflict in the Middle East, triggered by the US and Israel’s “massive” and ongoing attacks on Iran on February 28. Today the price of oil soared above $100 a barrel for the first time since 2022, while UK natural gas futures surged above 145 pence per therm, the highest since January 2023, according to Trading Economics.

On Monday, Sir Keir Starmer warned that the longer the conflict with Iran goes on, “the more likely the impact on our economy”.

Sky News asked Mr Jackson for any advice consumers could implement now as we head into another potential gas crisis. The Octopus Energy boss explained that adjusting the thermostat on gas boilers could help keep bills manageable.

He said: “The most important thing people did in the last gas crisis that saved a lot of money was turning the flow temperature on gas boilers down to about 55C and turning the thermostat down just 1 or 2 degrees.

“It saves you a disproportionate amount of money. You’ll be just as warm but you’ll save money.”

Mr Jackson said the UK was entering the “second crisis in four years”, referring to the huge spike in oil prices when Russia invaded Ukraine in February 2022.

He said “we’ve got to learn the lesson” and called for reduced reliance on imported gas, more renewable solutions, and, where needed, importing gas from closer to home.

“Reducing our dependency on gas is the most important thing we can do,” he said. “Transporting gas is highly inefficient.”

Stating that the UK needs to become more self-sufficient, he called for reform so “British people get the benefit of cheap wind power”.

Mr Jackson acknowledged the UK still needs gas power, and the UK does not have enough reserves to power itself. However, he suggested importing gas from the North Sea, instead of transporting it from further afield from oil-rich nations, such as the UAE.