Bernard Allen (Cork North Central, Fine Gael)
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Question 129: To ask the Minister for Communications, Marine and Natural Resources the action, he or his EU colleagues have taken or propose to take to address the issue of the practice whereby oil and gas prices are manipulated to enhance company profits at the expense of the consumer on what are on many occasions spurious grounds; and if he will make a statement on the matter. [5412/07]

Bernard Durkan (Kildare North, Fine Gael)
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Question 248: To ask the Minister for Communications, Marine and Natural Resources the action, he or his EU colleagues have taken or propose to take to address the issue of the practice whereby oil and gas prices are manipulated to enhance company profits at the expense of the consumer on what are on many occasions spurious grounds; and if he will make a statement on the matter. [5473/07]

Noel Dempsey (Meath, Fianna Fail)
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I propose to take Questions Nos. 129 and 248 together.

Having clarified the Question raised with the Deputy I can confirm that neither my EU colleagues nor I have any function in regard to the regulation of international oil and gas prices. The price of oil and gas is set by the international commodity markets. Prices reflect a complex interaction of unanticipated strong demand, tight capacities, geopolitical uncertainties and the influence of speculators on the markets. The relative performance of the US dollar against the euro also impacts on oil prices and supply into the oil market is influenced by OPEC policies. The situation in regard to oil prices is being closely monitored at EU level through the Working Group on Oil Supply which met most recently on 5 February.