§ Mr. Woofasked the Secretary of State for Energy what improvement in the visible trade balance could be made by lower imports of fuel; and what savings could be achieved by restricting the import of fuel.
§ Mr. John SmithImports of fuel other than oil are minimal. Reduction in imports of oil would currently save about £34 for each ton of crude oil and nearly £58 for each ton of petrol.
Appreciable reduction in oil imports can be achieved by more careful and efficient use of energy, which the Government are encouraging by their energy conservation measures, including its "Save It" campaign. In the longer term the Government's policies for increasing indigenous production of energy can be expected to eliminate the need for net imports. The net effect on the balance of payments of restricting imports would depend on the effects on the economy, including exporting industry, and could in some circumstances be adverse.