§ Mr. Skeetasked the Secretary of State for Energy what was the value of oil exported in 1980; and what has been the effect of the rise so far in 1981 of the £ sterling against the United States dollar.
§ Mr. GrayIn 1980 the value of crude oil exported was £4,224 million, which was slightly higher than the value of crude oil imported.
In January 1981 the exchange rate was 2.40 United States dollars per £ sterling, 3 per cent. above the average exchange rate in 1980. The prices in sterling of both exports and imports of crude oil will therefore have risen by 3 per cent. less than they would have done if the exchange rate had remained at the same level as in 1980. However, exchange rates are subject to considerable fluctuations.