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Oil Prices

Volume 98: debated on Wednesday 4 June 1986

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asked the Secretary of State for Scotland if he will make a statement on the effect of falling oil prices on the Scottish economy.

Lower oil prices should generally be of benefit to consumers and to the non oil-related sector of industry in Scotland. For the oil-related sector we expect production from existing fields to be largely unaffected by lower prices. Some cutbacks in exploration and development activity have been announced. These could have adverse implications for parts of the Scottish economy.