Lord Hughes of Woodside
Main Page: Lord Hughes of Woodside (Labour - Life peer)Department Debates - View all Lord Hughes of Woodside's debates with the Wales Office
(8 years, 6 months ago)
Lords ChamberMy Lords, I am very much aware that my noble friend has a very distinguished record as a former Energy Secretary. However, I do not think it is true to say that the oil industry is entering a period where its significance is diminished. It is perhaps not what it was, but it is still of enormous importance. The two oil fields to which I referred will be able, when at maximum production, to supply energy to 2 million homes. However, he is absolutely right about the importance of shale and the Government are determined to go ahead with exploration for it.
My Lords, will the Minister comment on the reports in today’s press that the Chancellor is expected to raise taxes on the oil industry at a time when consumers are not really seeing a reduction in price at the petrol pumps? Will he disabuse us of that idea?
My Lords, matters for the Budget are, of course, matters for the Chancellor. The noble Lord will know that I cannot comment on that.