§ 28. Mr. Douglasasked the Secretary of State for Energy if he will make a statement on his Department's assessment of the continued fall in crude oil prices and the implications of this for the North Sea oil and gas industry.
§ Mr. GrayThe North Sea oil and gas industry will base its investment decisions on its assessment of future price trends and not just on today's prices.
§ Mr. Parrisasked the Secretary of State for Energy if he will publish a table showing the perentage change in the £ sterling price of oil in real terms: (a) between March 1974 and April 1979 and (b) between April 1979 and the latest available date.
§ Mr. GrayThe percentage change in the sterling price of crude oil delivered to United Kingdom refineries, estimated in real terms using the implied index of total home costs, is:
percentage change March 1974—April 1979 13 per cent. fall April 1979—August 1982 64 per cent. rise April 1979—January 1983 79 per cent. rise* * estimate.
§ Mr. McKelveyasked the Secretary of State for Energy what has been the percentage increase in oil prices since 1973.
§ Mr. GrayThe price of fuel oil in the United Kingdom increased by 875 per cent. between 1973 and the end of last year.
The sterling price of crude oil in the United Kingdom increased by 1,150 per cent. in the same period.