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Crude Oil Prices

Volume 981: debated on Friday 28 March 1980

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asked the Secretary of State for Trade what is the difference between the United States of America and the United Kingdom price of crude oil in £ sterling per tonne after taking into account the price of United States imports and the fall in the real exchange rate between the £ sterling and the United States dollar since the fourth quarter of 1976.

I have been asked to reply.The information attached is the average price of crude oil, to the refiner, in the United Kingdom and the United States quoted in £ per tonne. For both countries the price is a weighted average of imported and domestically produced oil.

United States
December 1976£44·5
November 1979£75·7
United Kingdom
December 1976£55·6
November 1979£79·3