Oil And Gas Prices

EDM number 1684 in 2007-08, proposed by Mark Durkan on 03/06/2008.
Categorised under the topics of Energy and Oil, petrol and natural gas.

That this House expresses concern that speculation for profit could be a significant factor driving energy price rises; notes evidence to the US Senate's Commerce Committee that the flow of money into the futures market through index funds is exaggerating oil price rises; recognises that in the current market a barrel of oil could be traded up to 12 times before use; further notes that the trade consumption ratio for gas in the UK market is 6:1; calls on the Government to examine the scale and impact of such speculative commodity trading in energy sources; notes the allegation by market commentators that 50 to 60 per cent. of such trading is by banks and other institutional investors; reminds banks of their responsibilities to wider economic and social interests, particularly in circumstances where taxpayers are underwriting the banking system; recognises that the current regulatory regime for gas and electricity offers no recourse against rampant price rises induced by commodity trading; urges Ministers to develop appropriate interventions and restraints in the UK market; and encourages Ministers to seek appropriate consideration and actions in the context of the forthcoming meeting of the G8, including moves to limit commodity indices as a legitimate asset class for institutional investors.

This motion has been signed by a total of 39 MPs, 1 of these signatures have been withdrawn.