To ask the Chancellor of the Exchequer what oil price his Department predicts for each of the next 10 years.
The Treasury does not make detailed predictions of future prices. In projecting the public finances, the Treasury adopts an oil price assumption based on the average of independent forecasts, which is set out in PBR and Budget documents. This assumption was audited by the Comptroller and Auditor General in December 2005, when he concluded that:
"There is no clearly better method available for use in the future, though large uncertainties in predicted oil prices remain"