asked the Minister for Finance if he will state the dollar contents in the prices of oil and petrol normally imported into the State, and whether he is in a position to state whether there will be any increase in the dollar contents of future imports of oil and petrol.
Ceisteanna—Questions. Oral Answers. - Oil and Petrol Prices: Dollar Content.
The dollar content in the price of oil and petrol imported into the State in recent years has been insignificant.
The position regarding oil and petrol supplies following the reduction in shipments from the Middle East is not yet clear. At present it appears that the total quantities which we will be able to import and the sources from which they may be obtained will be settled by the O.E.E.C. Committee. It also appears that the greater portion of our imports will continue to be obtained from British refineries, although those refineries will probably import more crude oil of dollar origin than they do at present. It is not unlikely that any increase in our imports of refined products from the dollar area would be offset by a reduction in our allocation from British and other non-dollar sources.
In view of the fact that the oil supplies that will be available in Western Europe will be available from two alternative sources, namely, the Western Hemisphere—for which they will be payable exclusively in dollars—and the Mediterranean or Persian Gulf—for which they would not be payable in hard currency or dollars—will the Minister bear in mind the importance of ensuring that as far as possible we shall not be saddled with the additional dollar cost of the oil which we shall have to import in the course of the next year or so? Will he bear that in mind in instructing his officials who deal with the matter with the O.E.E.C.?
The difficulties that may arise consequent on the stoppage of supplies from the Middle East are very present to my mind and, indeed, to the minds of all the members of the Government concerned. However, the situation is changing so much from day to-day that it would not be useful to attempt to give any indication in relation to exact——
Can the Minister inform the House and Deputy MacBride that we should have more dollars to spend on oil if we spent less on importing wheat and that he supported a policy of making us spend more dollars on importing more wheat?
Stop the racket.
Question No. 23.