§ Mr. Woofasked the Secretary of State for Trade what was the total import of crude oil in 1972, 1973, and 1974; and at what cost, respectively.
§ Mr. DeakinsFollowing is the information:
IMPORTS OF PETROLEUM, CRUDE AND PARTLY REFINED FOR FURTHER REFINING Million Tons £ million cif 1972 105 947 1973 113 1,336 1974 112 3,852
§ Mr. Woofasked the Secretary of State for Trade what is the current deficit as a result of price increases of imported crude oil.
§ Mr. DeakinsThe increase in the price of crude oil had an immediate and direct impact on the value of our imports. However, there were other, less direct, consequences, including the rise in import demand by the oil exporting countries as a result of increased revenue and the adverse effect on economic activity in the industrial countries. As a result it is not possible to make an accurate estimate of the full impact of the oil price rise on the current account of the United382W Kingdom balance of payments. An examination of the change in the value of our imports of crude oil gives some indication of the direct effect. In the third quarter of 1975 these imports were valued at £800 million compared with £238 million in the third quarter of 1973. Between these periods the price of imported crude oil rose from £8 per ton f.o.b. to nearly £36 per ton f.o.b.—partly reflecting the depreciation of sterling—and there was a decline in volume from 30.1 million tons to 22.5 million tons.