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OIL POLICY COMMITTEE MEETS
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FRIDAY, MARCH 30, 1979
AT A MEETING OF THE OIL POLICY COMMITTEE THIS MORNING, REPRESENTATIVES OF THE GOVERNMENT, THE POWER COMPANIES AND THE MAJOR OIL DISTRIBUTORS REVIEWED THE POSITION IN HONG KONG AND THE IMPLICATIONS OF A POSSIBLE OIL SHORTAGE FOR THE COMMUNITY.
THE COMMITTEE CONCLUDED THAT THERE WAS NO IMMEDIATE SHORTAGE IN MOST CATEGORIES OF OIL PRODUCTS EXCEPT FOR FUEL OIL WHICH IS USED PRIMARILY FOR THE GENERATION OF ELECTRICITY,
IT WILL BE STUDYING IN THE NEXT FEW DAYS WAYS AND MEANS OF REDUCING ELECTRICITY CONSUMPTION INCLUDING THE RUNNING ŒF A SAVE FUEL CAMPAIGN.
A GOVERNMENT SPOKESMAN SAID THAT INDICATIONS FROM OIL COMPANIES WERE THAT WITH THE CURTAILMENT OF NORMAL OIL EXPORTS FROM IRAN, THE WORLD-WIDE SUPPLY OF OIL FALLS SHORT OF DEMAND AND THIS MEANT THAT CONSUMPTION WOULD HAVE TO BE REDUCED.
LEADING INDUSTRIAL COUNTRIES MEETING TOGETHER IN THE INTERNATIONAL ENERGY AGENCY HAD ALREADY DECIDED TO REDUCE THE IR CONSUMPTION OF OIL PRODUCTS,
THE GOVERNMENT SPOKESMAN ADDED THAT PEOPLE SHOULD BEGIN TO CONSERVE FUEL NOW BY TAKING SUCH SIMPLE MEASURES AS REMEMBERING TO SWITCH OFF LIGHTS, AIR-CONDITIONING AND TELEVISION SETS WHEN THEY ARE NOT NEEDED.
HE SAID THAT IN VIEW OF THE RECENTLY ANNOUNCED INCREASE IN OIL PRICES, LOVER CONSUMPTION WOULD ALSO RESULT IN LOWER ELECTRICITY BILLS.
MEANWHILE, THE OIL COMPANIES PLAN TO SEND REPRESENTATIVES TO VISIT THE IR ́ INDUSTRIAL CUSTOMERS TO ADVISE THEM ON MEASURES THEY MIGHT TAKE TO ECONOMISE ON THE USE OF FUEL.
THE POWER COMPANIES ARE CONSIDERING SETTING UP A UNIT TO ADVISE THE PUBLIC ON HOW TO MAKE MORE EFFICIENT USE OF ELECTRICITY.
OTHER COUNTRIES HAVE ALREADY BEGUN ECONOMY MEASURES. NEW ZEALAND HAS IMPLEMENTED A CONSERVATION PROGRAMME. THE JAPANESE GOVERNMENT HAS ALSO ANNOUNCED RESTRICTIONS ON CONSUMPTION AND IT IS BELIEVED THAT THE SINGAPORE GOVERNMENT WILL BEGIN A CONSERVATION PROGRAMME NEXT WEEK.
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