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Volume 470: debated on Tuesday 8 January 2008

To ask the Chancellor of the Exchequer what studies have been (a) considered and (b) evaluated by his Department on the economic implications of the peak oil phenomenon; and if he will make a statement. (173878)

Government constantly monitor risks to the UK economy, including from energy-related developments, as detailed in the Energy White Paper (May 2007) and the Long-term Opportunities and Challenges for the UK (November 2006).

Government are aware of a wide range of academic and industry studies which look at future world oil supplies, including the peak oil phenomenon, and meets regularly with experts to discuss this and other oil market issues. The Government's assessment is that the world's oil resources are sufficient to prevent total global oil production peaking before 2030. This is consistent with the assessment of the International Energy Agency (IEA) in its 2007 World Energy Outlook (WEO).