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Oil (Price)

Volume 960: debated on Friday 15 December 1978

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asked the Secretary of State for Energy if he will publish a table showing the percentage change in the sterling price of oil, in real terms, (a) between June 1970 and March 1974 and (b) between March 1974 and the latest available date.

A table is given below. The oil price index is based on the sterling price, fob, of Arab light oil, the present OPEC marker crude. This index is converted into real terms by dividing it by the implicit deflator for United Kingdom gross domestic product —GDP. While it is possible to show the

Sterling oil priceGDP deflator*Real oil price indexChanges from previous period
June 1970100100100
March 1974780142549449
August 19781,453277525—4
1st January 19791,452n/an/an/a
*The GDP deflator on a monthly basis is obtained by linear interpolation from the quarterly series.