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Brown urging 'new deal' on energy Plea by PM at talks on oil price
(10 minutes later)
Gordon Brown is due to call for a "new deal" on energy at an international conference in Saudi Arabia. Gordon Brown is due to call for a "new deal" on energy at talks in Saudi Arabia on the high price of oil.
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.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.
At the Jeddah Energy Meeting, Mr Brown will press for an increase in oil production to help bring down prices.At the Jeddah Energy Meeting, Mr Brown will press for an increase in oil production to help bring down prices.
He said the current crisis was worse than the one of the 1970s, and called for a "more balanced energy market".He said the current crisis was worse than the one of the 1970s, and called for a "more balanced energy market".
"We're living through the third big oil shock in 30 years. This is probably the most difficult one. Oil prices have trebled in every country of the world," he said."We're living through the third big oil shock in 30 years. This is probably the most difficult one. Oil prices have trebled in every country of the world," he said.
"People who use oil are feeling the pinch, and it is hitting people's standards of living very heavily. There must be a new deal now, between the oil consumers and the oil producers."People who use oil are feeling the pinch, and it is hitting people's standards of living very heavily. There must be a new deal now, between the oil consumers and the oil producers.
"I'm going to make it absolutely clear that we are going to reduce our dependence on oil by investing in nuclear and renewables. This is a bigger oil shock than what we had in the 1970s, and it's something that's got to be dealt with by a better dialogue between producers and consumers Gordon Brown Seeking an oil price solutionSaudis to host oil price summit"I'm going to make it absolutely clear that we are going to reduce our dependence on oil by investing in nuclear and renewables. This is a bigger oil shock than what we had in the 1970s, and it's something that's got to be dealt with by a better dialogue between producers and consumers Gordon Brown Seeking an oil price solutionSaudis to host oil price summit
"I want the oil-producing countries also to diversify out of oil and I want us to get a more balanced energy market, which will mean that all of us will be reducing our dependence on oil in the years to come.""I want the oil-producing countries also to diversify out of oil and I want us to get a more balanced energy market, which will mean that all of us will be reducing our dependence on oil in the years to come."
The prime minister said that the effect of the oil crisis was being felt by "everybody who's a consumer of oil, whether they are a driver with a car, or whether they have gas and electricity bills coming in".The prime minister said that the effect of the oil crisis was being felt by "everybody who's a consumer of oil, whether they are a driver with a car, or whether they have gas and electricity bills coming in".
He added: "This is a bigger oil shock than what we had in the 1970s, and it's something that's got to be dealt with by a better dialogue between producers and consumers, and Britain is going to lead the way in furthering this dialogue for the future."He added: "This is a bigger oil shock than what we had in the 1970s, and it's something that's got to be dealt with by a better dialogue between producers and consumers, and Britain is going to lead the way in furthering this dialogue for the future."
Mr Brown 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).Mr Brown 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).
The UK, US and other consumers have urged Opec to boost supply, blaming lack of capacity for the recent price surge.The UK, US and other consumers have urged Opec to boost supply, blaming lack of capacity for the recent price surge.
Plan of actionPlan of action
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.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.
Mr Brown has 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.Mr Brown has 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.
His four-point plan, as discussed with EU leaders in Brussels, includes:
  • 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
His four-point plan, as discussed with EU leaders in Brussels, includes:
  • 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 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.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.