Downing Street Says » Energy/Oil

Asked how disappointed the Prime Minister was about the suggestion from OPEC that they would not attend the oil summit in London in December, the PMS repeated what we had said at the end of last week; the meeting following the Jeddah format in December was suggested before the current period of instability across the global economic system. There would now be a meeting of Heads of Government from the G20 on 15 November where all aspects of the global economy would be discussed, including the impact of rising global demand for energy over the long term, and the impact that that would have on the global economy. The London meeting would proceed with energy Ministers, which had been the format for the Jeddah meeting. As far as progress on invitations and attendance, the PMS would not be giving a daily update; when we had more to report, we would do so.

Asked if the Prime Minister was relaxed about the record profits announced by BP, the PMS said that the first thing to recognise was that the profits were not generated in the UK alone and that BP and other oil companies operated as global businesses. Revenues contributed to the UK through taxation and investment in North Sea exploration and production. The investment in future production was important for ensuring the future security of energy supplies. In terms of pricing, the Chancellor had spoken on this before; OFGEM were asked earlier in the year to look into it and it was something that BERR and the Treasury continued to monitor. Oil companies should recognise that these were worrying and difficult times for many people and we wanted the benefits of price changes to feed through to individuals who have to pay their bills, and that their customers would expect answers on when prices were likely to come down.

Asked if the Prime Minister was prepared to reduce the tax rate on fuel, the PMS said that decisions of that nature were for the Chancellor.

Asked if Downing Street would be getting the energy companies in for any meetings, the PMS said that he was not aware of any plans for Downing Street to bring in energy companies; it was something that BERR and the Treasury continued to monitor.

Asked if Colonel Gaddafi would be invited to the oil summit in London in December, the PMS said that detailed arrangements for invitations would be announced when we had them.

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» Tuesday, October 28, 2008

Energy/Oil

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