§ 40. Mr. Onslowasked the Secretary of State for Energy what estimate he has made of the additional direct cost of net oil imports by the United Kingdom in 1974, assuming an average price of $78 per ton for both crude and products, and expressed as a percentage of total 1972 exports and imports, respectively.
§ Mr. VarleyI am not aware of any basis for the figure of $78 per ton as an estimate of crude and product prices in 1974. Nor do I think it helpful to relate the extra cost of oil imports in 1974 to the total cost of exports and imports in 1972. My noble Friend the Minister of State has quoted an estimate of £3,800 million as the probable cost of oil imports in 1974 at the latest prices, and also stated that this represented an additional burden of £2,600 million per annum compared with the pre-October 1973 price levels.