The Communities Secretary Steve Reed also said the economy was strong enough to weather the storm as the US-Israel war with the Iranian regime rages on into a second week
Cabinet minister Steve Reed has said there is no need for motorists to “panic” insisting there is no shortage of fuel – despite the Middle East conflict.
The Communities Secretary also said the economy was strong enough to weather the storm as the US-Israel war with the Iranian regime rages on into a second week.
His comments came as oil prices rocketed above $100 a barrel for the first time in nearly four years as the escalating conflict in Iran sparks a mounting crude supply crisis. Wholesale gas prices have also spiked again, fuelling fears of an energy crisis that could drive up costs for households, businesses and governments.
Speaking to Good Morning Britain, Mr Reed said: “When it comes to the cost of oil and we’ve seen what happened overnight, we’re still only just over a week into this conflict, we don’t know how long it will go on, we don’t know what the long-term impact will be on energy prices.
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“But as I say the fact that we have a more stable economy means we’re in a better position to weather those storms and we will of course keep a very close eye as we monitor the situation.”
Told oil prices had surged, he replied: “That’s right, but it doesn’t necessarily mean it’s going to have a direct impact at the pumps. We need to see what happens over the day and weeks to come. We’re monitoring the situation.”
He added: “I know that in some parts of the country last week there was panic buying that led to queues at some petrol stations – members of my family experienced that directly so I’m very aware of it. There is no need to panic at the moment, there is not a shortage of fuel, there is not a shortage of gas either. We have stocks that are usual for this time of year.
“But it is only right and prudent that the government should keep a close eye on what’s happening in the Middle East so if there becomes a need for action, we can consider it.”
His comments come as Chancellor Rachel Reeves looks set to join an emergency meeting of G7 finance ministers later today to discuss oil prices. US President Donald Trump has said the price hikes are a “a very small price to pay” for world peace.
Posting on his Truth Social platform, Mr Trump said: “Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!President DJT.”