Oil: Prices

Treasury written question – answered on 11th September 2013.

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Photo of Matthew Offord Matthew Offord Conservative, Hendon

To ask the Chancellor of the Exchequer what recent assessment his Department has made of the effect of the conflict in Syria on the price of oil.

Photo of Michael Fallon Michael Fallon The Minister of State, Department for Business, Innovation and Skills , Minister of State, Department of Energy and Climate Change

I have been asked to reply on behalf of the Department of Energy and Climate Change.

The Department has made no formal assessment. The price of oil is determined by supply and demand factors. Oil prices have been pushed up over the last two months by supply side concerns from Libya, Egypt and Syria, increasing from $103 per barrel in July to around $115 by the end of August. There have also been more marginal demand side influences, driven by variable news on international economic growth rates.

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