§ Mr. Malcolm BruceTo ask the Chancellor of the Exchequer if he will estimate the UK oil tax revenues from 1999–2000 onwards assuming an oil price of 10 US dollars per barrel; and if he will make a statement. [65701]
§ Mrs. Roche[holding answer 14 January 1999]: Reliable estimates cannot easily be made. They would require detailed assumptions on how an oil price of $10 per barrel would affect the future levels of production and expenditure. A forecast of f1.3 billion for 1999–2000 was published in the Pre-Budget Report in November last year based on the oil price being flat at about $13 per barrel (in real terms).