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Oil: Prices

Volume 495: debated on Tuesday 7 July 2009

To ask the Minister of State, Department for Business, Innovation and Skills what steps he is taking to mitigate the negative effects of rises in oil prices on business. (281729)

I have been asked to reply.

DECC’s objective is to ensure Britain’s energy is secure, affordable and efficient. Within these objectives DECC is working towards reducing the risk of high oil prices and ensuring fair retail fuel prices for consumers and businesses.

We recognise the negative effects that oil price volatility has on oil investment, businesses and the economy as a whole. Thus DECC continues to support initiatives for investment needed to provide sufficient oil supplies as the economy recovers. We also support moves to further strengthen transparency and efficiency in the international oil market and seek commitment for this with our international partners and through initiatives like the London Energy Meeting.

The Department for Business, Innovation and Skills is responsible for business policy.