Heating Oil Support Debate
Full Debate: Read Full DebateDepartment: Department for Energy Security & Net Zero
Mark Garnier
Main Page: Mark Garnier (Conservative - Wyre Forest)Department Debates - View all Mark Garnier's debates with the Department for Energy Security & Net Zero
(1 day, 10 hours ago)
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Martin McCluskey
I know that my hon. Friend has been a champion for such industries in her constituency, including Thanet Earth. The Minister for Industry, my hon. Friend the Member for Stockton North (Chris McDonald), is working through the implications of this crisis for such businesses as we speak, and will come forward with plans in due course.
Mark Garnier (Wyre Forest) (Con)
I thank the Minister for his statement. One characteristic of volatile energy markets is that when wholesale prices rise, consumer prices tend to rise like a rocket, and when the wholesale price stabilises the consumer price tends to fall like a feather. Can the Minister assure me and my constituents that in the conversations that he is having with the Competition and Markets Authority he is also looking at whether, when the market returns to normality, prices will fall as quickly as they have risen in this volatile moment?
Martin McCluskey
The hon. Member makes an important point. I know Ministers in my Department have been discussing that with the CMA and will carry on doing so. The CMA has started its work looking at the heating oil market and will, I hope, come forward soon with proposals that we can examine, to determine whether further regulation is required.