§ 1. Mr. J. Langford-Holtasked the Minister of Fuel and Power, in view of recent developments in the Middle East, what special steps are being taken by His Majesty's Government to find new and more dependable sources of oil within the British Empire.
§ The Minister of Fuel and Power (Mr. Philip Noel-Baker)The oil companies are spending large sums in prospecting for new sources of oil supply in the 2 British Commonwealth and Empire. It has not hitherto been thought necessary or desirable that His Majesty's Government in the United Kingdom should also undertake this work.
§ Mr. Langford-HoltIs the right hon. Gentleman aware that in one Dominion alone there are 160 oil companies operating which were not operating in 1946, and that not one of those companies is a British company? Would he consider taking action with the Chancellor of the Exchequer to make such action possible by British companies?
§ Mr. Peter SmithersIs the right hon. Gentleman aware of the difficulty of the investor in this country in increasing his investment in the Canadian oil industry, and will he go into that point with the Chancellor of the Exchequer?
§ Mr. Noel-BakerYes, Sir, I am aware of the great difficulties, but I am not sure that I can do much about them.
§ Mr. Langford-HoltIs the right hon. Gentleman aware that Canada hopes, by 1955, to be able to supply all her own oil at great dollar saving? What help are the right hon. Gentleman and the Government prepared to give to enable this country to go somewhere in that direction?
§ Mr. Noel-BakerI think the Canadian oil industry is being developed as fast as it can be. I think there is no shortage of capital.
§ Mr. Langford-HoltWith American money.