§ Mr. Bruceasked the Chancellor of the Exchequer what would be the expected total annual revenues to the Exchequer from United Kingdom North sea oil production at the following market prices (a) $18, (b) $15, (c) $12 and (d) $10.
§ Mr. MooreThe effects on oil revenues—still more on total revenues—of assuming different oil prices are subject to wide margins of error. A sustained change from current levels of about $1 a barrel, on the assumption of no change in the exchange rate, would lead to a change in North sea revenue of about $½ billion in a full year. The effects of a larger change would depend on a wide range of factors difficult to quantify, such as expectations of future oil prices and hence oil companies' exploration and investment decisions.