UK Parliament / Open data

Energy Bill [Lords]

Proceeding contribution from James Cartlidge (Conservative) in the House of Commons on Wednesday, 20 April 2016. It occurred during Debate on bills on Energy Bill [Lords].

Absolutely. If the hon. Gentleman is willing personally to provide £10 million so that the taxpayer and electricity customers do not have to be so encumbered, I am sure that we can find a way.

We have a clear position. The Bill has not changed in respect of the fundamental decision to establish the Oil and Gas Authority. At one point on the day of Second Reading, the price of a barrel of oil was $27.70. It is now around the $40 to $44 mark, so there has been some stabilisation, but that word has to be used carefully in view of what is happening around the world. Ambrose Evans-Pritchard had an excellent piece this week on continuing stability in Kuwait, and we see today in the FT that Saudi Arabia is starting to borrow from the markets. The price may go up, or it may go down again. The key point is that the outlook is uncertain. Enacting the Bill, with this new and respected regulator, will add stability and credibility to the sector at an important time. It is not a magic wand, and it will not immediately heal the problems that undoubtedly exist in this industry, which is vital for the United Kingdom, but it is a key part of our energy policy and proposition. That is why the Bill should become law as soon as possible.

This is basically about our national interest, which has, for many decades, been tied to North sea oil and to the energy sector. That is true not only of Scotland; in the East Anglian economy, a significant amount of output and a significant number of jobs come from the oil sector. I encourage all hon. Members to support the Government on this matter. Our reasons are clear. This is about supporting the energy sector and respecting the democratic will of the people of the United Kingdom.

About this proceeding contribution

Reference

608 c948 

Session

2015-16

Chamber / Committee

House of Commons chamber
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