Latest oil bill $1504M
- Wellington New Zealand’s latest oil bill, was $1504 million, the Prime Minister. (Mr Muldoon) disclosed at a press conference yesterday. He said the Cabinet’ had been given the latest figures vby the Minister of Energy (Mr; Birch) at .his morning meeting yesterday. ■’ ' ' The figure compared with $492.3 million in 1978 and $93.7 million in 1972. ‘
The size of the increase in the cost of imported oil went to the heart of New Zealand’s economic problems, Mr Muldoon said. He emphasised that in selling energy overseas or substituting local products for energy imports, New Zealand would be dealing in the upper level of international commodity prices whereas the fahn products it sold abroad were in the- lower' range of international prices.
The difference in the prices of farm commodities and energy-related products on international markets underlined why New Zealand’s terms of trade had deteriorated so markedly. Mr Muldoon said it appeared that the nation’s volume of oil imports had not gone up greatly and Mr Birch thought that restraint in the use of oil was in line with Government fuel-con-servation targets. . ■
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Press, 3 June 1981, Page 3
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184Latest oil bill $1504M Press, 3 June 1981, Page 3
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