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In the summer, the Governments of the UK and USA released Oil stocks from their strategic reserves to help push Oil prices down. The hope was that such a move would help lower pump prices. However, reports in The Sun today (Saturday 17th Sept) , appear to suggest that oil speculators may have bought this ‘cheap’ oil, hoarded it on tankers at sea, and then waited for the price to rise before bringing the oil back into port.
One of our main challenges to the Government is that they should launch an inquiry into just who is making the money out of oil, petrol and diesel. It would be unforgivable if oil speculators were deliberately shown to have profited from Government attempts to keep oil prices down.
Our main campaign thrust however, remains the level of Fuel Duty. The economy is in real trouble. Growth is stalled, inflation is rising and unemployment soaring. The Government needs to cut Fuel Duty now. Instead, they are planning to raise it TWICE next year – by about 3.5p per litre in January and the same again in August. These rises will be a disaster for the UK. We are calling for an immediate cut in Fuel Duty.
Such a cut would be a boost to growth, lower inflation and create jobs. We are now only 12,500 signatures short on the Government ePetition site to force a debate in Parliament about Fuel Duty and oil speculation. Please sign it now at http://www.bit.ly/FFUK-Gov