LOWER OIL PRICES AND THE BUS INDUSTRY

Early day motion 907, tabled 23 March 2015 by Ian Lavery (Labour). Signed by 29 members.

That this House notes that the price of oil is 50 per cent below its recent trend price and is forecast to stay at its new lower level for a prolonged period; further notes that, while falls in the oil price represent pure profit for bus companies, bus fares increased by an average of 4.8 per cent across the UK between December 2013 and December 2014; understands that while some bus companies may have hedged their fuel costs on the basis of a higher oil price, that would only cover a portion of their fuel bill; believes that most bus companies' hedge period has expired since oil prices fell; recognises that bus companies are supported by taxpayer-funded grants which are devolved to local councils; and calls for an inquiry to determine whether the bus companies are profiteering from the fall in oil prices instead of passing on the benefit of the fall through reduced bus fares and improved services.

Signatures by party: Labour 22, DUP 2, Social Democratic and Labour Party 2, Green 1, Liberal Democrat 1, Respect 1.