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Brown in Saudi to talk oil prices Brown urging 'new deal' on energy
(about 15 hours later)
Gordon Brown is to urge oil-rich nations to invest some of their trillions of dollars in profits into Britain's nuclear power projects. Gordon Brown will call for a "new deal" on energy when he flies into Saudi Arabia to attend a conference.
The prime minister will fly to Jeddah in Saudi Arabia later in a bid to secure a "new deal" between oil producers and consumers in the West. The prime minister wants oil producers to invest some of their profits in long-term energy projects in Britain, such as wind farms and nuclear power.
Mr Brown said he wants them to help reduce reliance on fossil fuels. Mr Brown will be attending the summit to try to press for an increase in oil production to help bring down prices.
His efforts come as the government seeks to increase the UK's use of nuclear and renewable energy sources.His efforts come as the government seeks to increase the UK's use of nuclear and renewable energy sources.
Energy Minister Malcolm Wicks told BBC Radio 4's Today programme Britain could not lower fuel prices on its own. Public anger
"I share a frustration that we can't - in this country alone - determine these things. These are global factors," Mr Wicks said. Mr Brown said he wants oil producers and consumers in the West to help reduce reliance on fossil fuels.
He added that the fast-growing economies of China and India were part of the reason behind the speculative boom in oil pricing. I am going to Saudi to see if we can get a new deal between oil producers and the consumers where oil producers will invest in countries like ours Gordon Brown class="" href="/1/hi/uk_politics/7467634.stm">Seeking an oil price solution class="" href="/1/hi/world/middle_east/7467653.stm">Saudis to host oil price summit
"But it's important - and one shouldn't be cynical about it - but Gordon Brown is out there, with other leaders, to see what can be done. We need to see a reduction in the price of oil." He is facing public anger over the cripplingly high price of fuel, largely due to the cost of oil from the Organisation of Petroleum Exporting Countries (Opec).
Open access The UK, US and other consumers have urged Opec to boost supply, blaming lack of capacity for the recent price surge.
Mr Brown is facing public anger over the cripplingly high price of fuel, largely due to the cost of Opec oil. Saudi Arabia, the top world supplier, has made slight increases but says market speculation, not lack of supply, has driven prices to nearly $140 a barrel.
He told the Guardian he wants to press his Saudi hosts and the other big oil producers to consider putting some of the estimated $3 trillion they have made out of the recent "oil shock" into new nuclear technology. Mr Brown has also said that he wants to press his Saudi hosts and the other big oil producers to consider putting some of the estimated $3 trillion they have made out of the recent "oil shock" into new nuclear technology.
He told the newspaper he wanted backing for Britain's ambitious plans to significantly increase the use of wind and tidal energy. Investment
After discussing the issue with fellow EU leaders in Brussels, Mr Brown said he would appeal to oil producers to invest their profits in the more stable market of renewables. The prime minister also wants backing for Britain's plans to significantly increase the use of wind and tidal energy.
He also said he wanted Britain and other Western countries to be given more opportunity to invest in oil in Opec countries, which have long held massive sway over international markets via their control of oil prices. Mr Brown's four-point plan, as discussed with EU leaders in Brussels, includes:
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  • Making the market work better to reduce volatility in oil prices
  • Making the most of the world's existing oil reserves
  • Accelerating the switch to alternative sources of energy
  • Enabling oil producers to invest in alternative energy supplies
He told the Guardian: "I am going to Saudi to see if we can get a new deal between oil producers and the consumers where oil producers will invest in countries like ours, and oil consumers like us with good companies, with good technology and skills, can invest in the oil-producing countries." He said he wanted Britain and other Western countries to be given more opportunity to invest in oil in Opec countries, which have long held massive sway over international markets via their control of oil prices.
Mr Brown said: "I am going to Saudi to see if we can get a new deal between oil producers and the consumers where oil producers will invest in countries like ours, and oil consumers like us with good companies, with good technology and skills, can invest in the oil-producing countries."
On Saturday, Energy Minister Malcolm Wicks told BBC Radio 4's Today programme Britain could not lower fuel prices on its own.
"I share a frustration that we can't - in this country alone - determine these things. These are global factors," Mr Wicks said, adding that the fast-growing economies of China and India were part of the reason behind the speculative boom in oil pricing.