Oil price profiteering will not be tolerated, says Miliband

"The government "will not tolerate" energy firms profiteering from the rising price of oil and the competition watchdog is primed to step in to prevent petrol price "rip-offs", Energy Secretary Ed Miliband told the BBC. The oil price rocketing over the conflict in the Middle East has caused widespread concern over how that could feed through to bills, with households reliant on heating oil already facing sharply higher prices."

"Miliband pushed back against calls to change tack on net zero, arguing the UK needed to get off the "fossil fuel rollercoaster". "We've got to have clean, homegrown power that we control," he said. "That's the biggest long-term lesson of this crisis." Some energy companies and industrialists have argued that the response to the current oil price shock should be to allow further exploration and production in the North Sea."

""New exploration licences in the North Sea, which some people are calling for, will not take a penny off people's bills," he said. The government is under pressure to take action in both the short and long term on the threat of rising energy bills, as the effective embargo in the Straits of Hormuz, a crucial channel for energy supplies, continues."

Energy Secretary Ed Miliband stated the government will not tolerate energy companies profiteering from rising oil prices caused by Middle East conflict, with the competition watchdog ready to prevent petrol price rip-offs. Rising oil prices threaten to increase household heating bills and pump prices. Miliband rejected calls for new North Sea exploration licenses, arguing they would not reduce bills and that energy security requires clean, homegrown power instead. The government's strategy focuses on continuing production from existing oil and gas fields while transitioning to renewable energy. Direct support or fuel duty freeze extensions remain possible if the conflict continues. The government is launching a fast-track process for new nuclear power stations to address long-term energy security concerns.

Read at www.bbc.com