The capacity of the British oil refining industry is more than sufficient to refine our current North Sea production. However, this would not be the cheapest way of meeting our demand for refined products, nor, because of the composition of North Sea oil, could it supply all of them. That is why we use a mixture of indigenous and imported crudes. The economics of British refining will be improved by current investment in plant to convert some less valuable heavy products into more valuable lighter products such as petrol.
My hon. Friend raises an interesting point. The most important point of all is to increase confidence in the industry and this, by future Conservative policies, we hope to do.