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Oil Depletion

Volume 35: debated on Thursday 27 January 1983

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asked the Secretary of State for Energy if he will consider introducing measures in his national policy on oil depletion to preserve United Kingdom oil reserves whilst market prices fall.

The Government's policy on oil depletion remains as set out in my reply to my hon. Friend, on 8 June 1982 and as stated in the Government's response given on 29 July 1982 to the Select Committee on Energy's report on North Sea oil depletion policy. The real sterling oil price has not fallen since that date.