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Bim Afolami (Con) asks Kwarteng how long gas prices will remain high.
Kwarteng says it would be “foolhardy” to protect what the gas price will be tomorrow. If he could predict prices far ahead, he would be a gas trader, he says. But he says gas prices “could be high for longer than people anticipate, just as they could fall very quickly”.
Bob Seely (Con) says asks to what extent the UK is suffering “collateral damage” because of Russia “weaponising” its gas supply in a bid to get the EU to accept Nord Stream 2. He says this is hybrid warfare.
Kwarteng says the UK is not “at the mercy of Russian gas”. Half of gas used here is produced domestically, he says. He says another 30% comes from Norway, and 18% from LNG (liquefied natural gas).
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