ENERGY PRICES

That this House notes that the price of oil has now fallen by almost three-quarters since it hit a record high of $147 a barrel in July 2008; recognises that the price of oil is the main driver of wholesale gas prices and a major factor in the price of electricity, yet despite the huge fall in oil prices energy firms have failed to pass on the price drop to their customers, with an average household energy bill now standing at £1,303, up 43 per cent. from the beginning of 2008; demands that energy companies reduce prices now to help people afford their energy bills during the winter; and urges the Government to take direct action if energy companies fail to reduce prices.