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News

Alan asks PMQ on global oil prices

  • Jan 13, 2016

On Wednesday 13th January Alan used PMQs to ask the Prime Minister to consider establishing a cross-Whitehall review of the impacts - both positive and negative - of falling global oil prices.

Alan's question can be watched below:

 

Sir Alan Duncan (Rutland and Melton) (Con): Thirty dollar oil is great for petrol prices, but it is potentially catastrophic in other respects. If it goes on like this, we risk seeing regimes under pressure, dramatic corporate failures and financial default, enormous financial transfers out of our markets to pay for other countries’ deficits, a possible collapse in share prices and dividends for pensions, and a liquidity problem in our banking sector. May I invite the Prime Minister to initiate an urgent review across Whitehall to assess the effects of continuing low oil prices on our economy and beyond, and, in particular, to work out how we can avoid the destruction of our own oil industry in the North sea?

The Prime Minister: My right hon. Friend makes an important point about this very big move in the oil prices. It of course has a highly beneficial effect for all our constituents, who are able to fill up their cars for less than £1 a litre, which is a very big increase in people’s disposable income and wholly welcome. I think that a low oil price basically is good for the British economy as an economy that is a substantial manufacturing and production economy, but of course there are other consequences and he named many of them. We need to look very carefully at how we can help our own oil and gas industry. Of course, as we are coming to the end of Prime Minister’s questions, I should say that he did mention one other calamity that the low oil price brings about, which is that it has led to a complete and utter collapse of the Scottish National party’s policy.