Arctic Weather Means Increased Oil Company Profits
The cold snap is setting in across Britain and with it the threat og huge energy bills. Oil companies are putting up prices and house holders are bing held to ransom with no choice but to use more oil, gas and electricity to keep warm. The cold weather is predicted to bring large amounts of snow across the UK and increased energy bills.
The House Shop asks if UK house holders will be held to ransom by profiteering Energy and Oil Companies. Director Nick Marr “We have seen petrol companies in the past seemingly profit from oil shortages are we now set to see Utility Companies doing the same? Fuel bills are not a luxury companies that increase bills at this time are simply immoral”
Money Saving Expert Martin Lewis has been actively encouraging consumers to switch utility companies as the rise in tariffs are set to bite this winter.
Homes that run on oil central heating it seems are at greater risk of supply and price rises problems. Even if they get the oil they need to heat their homes and to cook, many will have to cut back on how much they use because the price of the fuel has almost doubled in a month.
Energy Minister Mr Charles Hendry also revealed the Government has called in the Office of Fair Trading to examine if profiteering has been going on during the cold weather.
Hendry told MPs: ‘I have spoken to the Office of Fair Trading about the price of oil. They have assured me that they are keeping a very close eye on the situation and are keen to receive evidence about any market abuse.’
Heating oil is essential for many households that do not have access to gas supplies, and is especially common in rural areas.
“And he warned that if there was more snow over the Christmas period – that is what the forecasters are predicting – then the situation would be, ‘very serious indeed’.”
Latest news from Money Saving Expert Martin Lewis
The fourth of the big six provider Npower has now joined British Gas, SSE & Scottish Power in announcing price hikes of up to 9%. EDF is holding standard prices until March, so only E.On has to show its hand.
As switching benefits multiply in heavy-use winter months, and the sooner you switch the sooner you save, so we’re on an Urgent ‘SWITCH NOW’ status, for all but those already on super-cheap online tariffs