Downing Street Says » Oil Prices

» Monday, October 20, 2008

Oil Prices

Put that the Prime Minister had asked for petrol prices to come down and whether that applied to gas and electricity prices as well, the PMS said that that had been a point made by the Prime Minister in an article in a Sunday newspaper. What we had seen was prices going up for fuel and energy when the oil price went up and the public would expect prices to go down when the oil price dropped again.

Asked whether the Prime Minister was happy to see petrol prices go down today and was he concerned by the news that OPEC may want to cut production, the PMS replied that we would welcome any measure by petrol retailers or anyone else that eased the burden on household finances at this time. In relation to OPEC, the Prime Minister had been making his position clear in recent days and as he had said, it was right in this time of economic uncertainty in the world economy that all institutions including OPEC had to play their role in promoting the conditions of stability and growth.

Asked whether the Prime Minister would be holding any meetings with the oil companies, the PMS said that the Department for Business stayed in close contact with the oil companies, as people would expect.

Asked if the halving of oil prices negated the need for the planned December oil summit, the PMS replied that the point of the oil summit was to bring together producers and consumers so that we could have a better dialogue over the medium and longer term, discuss ways in which we could bring more stability into the market, to discuss ways in which we could make better use of existing oil and gas reserves and for the oil consumer countries to set out their plans for how and the timescale over which they intended to diversify away from fossil fuels.

Asked whether invites had gone out, the PMS replied that he would have to check on where we were on such matters.

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Oil Prices

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