Saudi East-West Oil Pipeline
Debate between Martin McCluskey and Julian Lewis(1 week, 6 days ago)
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Martin McCluskey
The hon. Gentleman will, I am sure, have seen the Competition and Markets Authority report on heating oil, published before the recess, and its recommendations for the actions we should take. We are studying the recommendations and will have a Government response to them in due course. The CMA raised concerns, though, about the impact of a potential price cap. This market does not operate in the same way as the traditional gas and electricity market. We would need to carefully consider the perverse impacts that might result from a straightforward price cap. There are other recommendations in the CMA report that we are, as I said, looking at and closely studying to make sure that people who have been affected by heating oil price increases are protected. The previous Prime Minister was very clear that the heating oil market was not working as it should, and I agree. I look forward to publishing the Government response soon.
Sir Julian Lewis (New Forest East) (Con)
As the Minister seems to have run out of supportive Back Benchers, I shall endeavour to ask him a helpful and easy question. Accepting that it will be some years, to put it mildly, before we can eliminate our dependency on oil and gas, does he accept in principle that we are more secure if we exploit our own domestic oil and gas resources, rather than relying on imports from the middle east, which can so easily be blocked?
Martin McCluskey
As I said in response to previous questions, we are exploiting the resources in the North sea; we are extracting oil and gas from it. We will make a decision on Rosebank and Jackdaw in due course, and we have a robust energy mix in this country. The right hon. Gentleman made the point himself about reliance on overseas sources of energy. We would still require production beyond oil and gas. That is why we are investing in renewables, be it wind or solar, all of which are helping to protect our energy security and our national security.