§ Mr. Skeetasked the Chancellor of the Exchequer if he will estimate the cost in revenue for every United States dollar fall in the crude oil price.
§ Mr. Peter ReesThere is no unique estimate of the impact on Government revenues from North Sea oil and gas of a fall in the dollar sales price of North Sea oil. It will depend on a number of factors, such as the assumed value of production and the exchange rate used to convert the dollar price into sterling. Some of these may vary with the dollar price of oil.