Petrol Prices

Part of Oral Answers to Questions — Oral Answers to Questions – in the House of Commons at 12:00 am on 5th December 1977.

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Photo of Mr Tom Litterick Mr Tom Litterick , Birmingham, Selly Oak 12:00 am, 5th December 1977

Is the Minister aware that there is now a glut of crude oil supplies throughout the world? In spite of the glut of crude oil and conventional economic wisdom which tells us that in such circumstances the price of oil should fall and the price of all hydrocarbon products should fall, this is not happening. Will my hon. Friend attempt to give an explanation?