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Environmental Secretary George Eustice Participates in Call Against Fuel Panic Buying – Business Live | Work


People pushing as a petrol-depleted car at the Texaco Fuel Station in southern London on September 26, 2021. Photo: Dylan Martinez / Reuters

Good morning. Welcome to rolling coverage on the global economy, financial markets, euro area and business.

Britain’s petrol crisis is intensifying, and ministers have been forced to suspend competition law a few days after panic buying to help oil companies target depleted gas stations.

Secretary-General after meeting with oil companies and retailers on Sunday Kwasi Kwaten Agreed to temporarily exempt the industry from the 1998 Competition Law.

This unusual move, announced last night, allows companies across the oil industry to work together to maintain gas station replenishment, share information and optimize supplies without risking violations of competition rules. ..

Called Downstream oil protocoll, It should help fuel producers, suppliers, carriers and retailers prioritize delivery of fuel to parts of the country and to the strategic locations most needed.

Brian Maderson of Gasoline Retailers Association The BBC Radio 4 Today program tells us:


… perhaps allowing suppliers to fuel their competitors’ sites … If so, the increased flexibility it gives the supply industry is welcome. “

But Maderson added that it wasn’t the game changer who solved the crisis himself.

Kwarteng said the move was part of a “long-term emergency response plan” that was created in the event of a serious turmoil.


“Although refineries and terminals always have large amounts of fuel, we recognize that there are some problems in the supply chain, which allows the industry to share important information and work more effectively. That’s why we have established a downstream oil protocol so that we can minimize confusion.

“Thanks to the tireless efforts of the HGV driver and all Forecourt staff during this period.”

David Shepherd
(@OilSheppard)

The UK exempts gasoline and diesel sellers from competition law, allowing them to share information and work together to prioritize fueling to the areas of greatest need. pic.twitter.com/OqPc1IKsDp


September 26, 2021

Following the days of panic buying at some gas stations after a shortage of British truck drives caused problems with fueling the vestibule-the situation worsened as more worried drivers filled up. Did.

Chris Giles
(@ChrisGiles_)

For Economics Students: Not a panic when people buy petrol today, but a reasonable reaction to others doing the same

Screaming “don’t panic” fails

As Mervyn King said about the run at Northern Rock, “Once the run started, people weren’t acting illogically in joining it.”


September 25, 2021

Last night, BP reported that nearly one-third of UK gas stations ran out of two major grades of fuel after a few days of high demand.

The government is currently considering whether to deploy an army to move fuel from the refinery to the driver.

Hundreds of soldiers could be scrambled to deliver fuel to depleted gas stations across the country due to panic buying and a shortage of drivers under emergency plans. Boris Johnson on Monday.

As our political correspondent, the Prime Minister will bring together senior members of the Cabinet to scrutinize “Operation Escaline” Aubrey Allegretti explanation:


To prevent the crisis from getting worse, Ministers such as Secretary of Transportation Kwasi Kwaten, Secretary of Transportation Grant Shapps, and Interior Minister Priti Patel met at a meeting at noon on Sunday to discuss options, including Operation Escaline.

Invented many years ago during a no-transaction plan Brexit, That means hundreds of soldiers will be drafted to drive a reserve fleet of 80 tankers. It is understood that full implementation can take up to 3 weeks, as some mobilized people are already participating in other developments and others are bookers.Escaline was advertised as an option last week, but government sources downplayed its potential for activation.

Aubrey Allegretti
(@Breeallegretti)

NEW: Senior Ministers met today and are now “actively considering” Operation Escaline, which will see troops mobilized to drive fuel tankers.

The Prime Minister will make the final verdict on the decision.https://t.co/QSYiaYLM0J


September 26, 2021

Appeared today

Investors around the world will digest the German federal general election.Center left SPD And their prime minister candidate, Olaf Scholz, has won 25.7% of the votes and is slightly ahead of the centre-right. CDU Rivals-But both parties claim the right to build the next government.

The near result means that Angela Merkel will be able to remain prime minister for some time as the leader tries to launch a coalition.

And the Labor Party is set to abolish the UK business tax and promise to “review the biggest business tax of a generation.”

Shadow Prime Minister Rachel Reeves tells the Labor Party that the current system will punish entrepreneurs and business investments. Business groups welcome this move.

In addition, the central bank of Germany will issue a monthly report, and factories in the United States will report the latest number of orders, and will receive new health checks on the global economy.

agenda

  • 11am BST: Deutsche Bundesbank Monthly Report
  • 12.45pm BST: European Central Bank Governor Christine Lagarde testifies in the European Parliament
  • 1.30pm BST: August US durable consumer goods order.



Environmental Secretary George Eustice Participates in Call Against Fuel Panic Buying – Business Live | Work

Source link Environmental Secretary George Eustice Participates in Call Against Fuel Panic Buying – Business Live | Work

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