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Energy: Oil Prices

Volume 705: debated on Wednesday 19 November 2008

asked Her Majesty's Government:

What is their latest forecast of the future level of oil prices. [HL5348]

The Government do not publish oil price forecasts. They publish oil, gas and coal future price assumptions for the period to 2030.

The latest version of the Government's future fossil fuel price assumptions were published in May 2008, following a consultation published in January. Further details are available at the following links: www.berr.gov.uk/energy/environment/projections/recent/page26391.html and www.berr.gov.uk/files/file46071.pdf.

asked Her Majesty's Government:

Whether they are discussing with fuel companies the profits made as a result of the increase in oil prices; and, if so, with which companies. [HL5792]

As part of regular departmental activity, Ministers have discussions with a wide range of UK and international companies operating at each stage of energy supply chains, covering pricing and financials among other issues. Movements in global oil prices and their implications for UK consumers of road transport fuel, gas and electricity are among the factors discussed.