L

Lord Moynihan (Con)

Speaking in the House of Lords on 17 September 2026

Debate

Saudi East-West Oil Pipeline

Contribution

My Lords, I declare my interests as chairman of Buckthorn, Amey and Acteon. I will concentrate on fuel prices in the Question. Since UK imports of Saudi oil stand at 2.5% of our total oil imports and the UK’s share of overall Middle Eastern gas supply is well under 1%, why are our domestic electricity bills predicted to be £300 more per annum from January next year—a distant £600 more than the promised reduction in the Labour Party manifesto—when wholesale electricity prices, the only element which gas heavily influences, contribute just 38% of our domestic bills? Would the Minister not agree that one way to reduce bills is to remove the clean power 2030 policy costs, which are fleecing British consumers in the Government’s headlong rush to net zero and decarbonisation of Britain’s electricity generation by 2030, which everyone knows will not be achieved, and will continue massively to impede household and industrial affordability?

More from Lord Moynihan (Con)

Other recent Hansard contributions by the same speaker.

About Hansard

Hansard is the official verbatim record of proceedings in the UK Parliament. Every word spoken in the Commons and Lords is recorded and published — this page is a single contribution from that record.