Energy

Part of the debate – in the House of Commons at 12:00 am on 28 June 1977.

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Photo of Mr Peter Rost Mr Peter Rost , Derbyshire South East 12:00, 28 June 1977

I am pleased to be called to speak following the remarks of the hon. Member for Leicester, South (Mr. Marshall) because my approach is similar to his, although I shall develop a strong variation from it.

I subscribe to the view that there is no shortage of energy, as is patently obvious, and that there is now a surplus of energy. It takes a brave man to forecast what the energy scene will be in 10, 20 or 30 years' time. I would not attempt to predict the energy mix at the turn of the century, but I maintain that there is no shortage of energy, nor will there be in the future. I cannot accept that there could possibly be an energy gap any more than that there could be a caviare or champagne gap, since supply must balance demand. It will mean that there will be a high price to pay in real terms in relation to gross domestic product. Our energy may cost more, but there will not be a gap.

Provided that the normal laws of supply and demand are allowed to operate, we shall not wake up one day and suddenly find that oil or gas or coal have run out. It will not happen in that way. There will be a long process of evolution. Indeed, it has already happened. The only way in which there will be an energy gap, and the only circumstances in which we or any other countries in the world will suddenly face an energy crisis, will be if politicians create one. There is a serious risk that political interference will create an energy shortage or an energy crisis. We must learn from the mistakes of the past and must not allow them to be repeated.