Written question asked by Norman Baker (Liberal Democrat) on Wednesday, 30 January 2008, in the House of Commons. It was due for an answer on Monday, 4 February 2008. It was answered by Jim Fitzpatrick (Labour) on Tuesday, 4 March 2008 on behalf of the Department for Transport.

Oil: Prices

Question: To ask the Secretary of State for Transport what her Department’s assumptions are of the future price of oil in (a) 2010, (b) 2015, (c) 2020, (d) 2025, (e) 2030, (f) 2040 and (g) 2050.

Answer

[holding answer 4 February 2008]: The Department uses oil price projections produced by the Department for Business, Enterprise and Regulatory Reform (DBERR) in its modelling. The latest estimates were published last year in the Energy White Paper. These have been used for latest road traffic, aviation and rail forecasts and are currently being integrated into the advice and software the Department provides to transport promoters preparing business cases for schemes. These long-term price projections are to 2020 which for the latest transport modelling are projected further usually assuming no changes beyond 2020.The current oil price projection (in 2006 prices) can be seen in the following table. DBERR produce a low, central and high price projection. These are real prices and the nominal prices—that include the impacts of forecast inflation—would be higher, for example, the real price of $53 in 2025 is approximately $88 in nominal prices.

2006 prices
	Low	Central	High
2010	25	57	70
2015	25	50	75
2020	25	53	80

Secondary information

Type: Written question
Reference: 184191; 472 c2263-4W
Session: 2007-08
Related items: Oil: Prices
Thursday, 13 March 2008
Written questions
House of Commons; Oil: Prices
Monday, 12 May 2008
Written questions
House of Commons
Subjects: Oil Prices
Link: View this Written question on www.publications.parliament.uk

Oil: Prices

Secondary information

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