Mr Major’s Written Question on Oil Prices – 9 November 1982

Below is the text of Mr Major’s Parliamentary written question on Oil Prices, published on 9th November 1982.

Mr. Major Asked the Secretary of State for Energy what is his latest forecast of oil prices over the period to the year 2000.

Mr. Lawson My Department has recently presented projections of United Kingdom energy prices and consumption to the Sizewell inquiry; copies have been placed in the Library of the House. These projections, which are not forecasts, are designed to assist the assessment of investment decisions against alternative scenarios for the development of the United Kingdom economy and the structure and levels of energy prices. They examine the implications of two ranges for future energy prices; the lower range assumes no further “shocks” affecting oil and other energy prices, while the higher range would be consistent with developments including one or more major oil market disturbances in the years ahead.