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Oil: Prices

Volume 475: debated on Monday 12 May 2008

To ask the Secretary of State for Transport pursuant to the answer of 4 March 2008, Official Report, columns 2263-4W, on oil: prices, whether she plans to revise her projections for the future price of oil in (a) 2010, (b) 2015 and (c) 2020. (204668)

[holding answer 9 May 2008]: The Department for Transport uses oil price projections from the Department for Business, Enterprise and Regulatory Reform (BERR) in its transport modelling. On 2 May 2008, BERR published revised oil price assumptions to (a) $65; (b) $68; and (c) $70 for the years requested. These are in 2007 prices and refer to their central scenario.

We are in the process of using these updated projections to make new road traffic and congestion forecasts. The new oil price projections will also be incorporated into the latest versions of Department guidance and software used in developing business cases for funding by promoters.