Oil Supplies

Part of the debate – in the House of Commons at 12:00 am on 24th October 1973.

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Photo of Mr Peter Walker Mr Peter Walker , Worcester 12:00 am, 24th October 1973

We shall soon be replying to the Public Accounts Committee on this point. I cannot give an exact date when we shall do so. Transport plays a role in any taxation policies, of course. For that reason, my right hon. Friend the Chancellor of the Exchequer is involved in any licensing arrangements.

Regarding any future rounds of licensing, we have announced that we are reviewing the terms. I am not contemplating any immediate rounds of licensing for reasons of wanting more speedily to develop resources available at present. Before any future terms of licensing were made I would announce the terms which we had in mind for future licensing arrangements.