Energy: Prices
The question
To ask the Secretary of State for Energy Security and Net Zero, if he has made an assessment of the potential impact of the potential closure of the strait of Hormuz on (a) the UK's energy security and (b) consumer energy prices.
Answered by Michael Shanks
Oil and gas markets are well supplied and functioning normally. Though they have responded to events in the Middle East, prices remain within the bounds we have seen over the last year. We have not witnessed any material reduction of traffic passing through the Strait of Hormuz. DESNZ will continue monitoring closely for any future impacts.
The Government's Clean Energy Superpower Mission, supported by the largest investment in home-grown clean energy in British history, will enhance energy security by boosting our energy independence, protecting billpayers, and reducing exposure to global supply shocks.
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