Quote:
Originally Posted by Osem
Yes well this is the flip side of the coin - we all like to moan about fuel/energy prices but tend to forget all those companies and individuals whose livelihoods depend on them.
Wonder how well the SNP's vote would have stood up had this all happened a few months ago. Still I'm sure they have a credible 'plan B' to replace all that lost oil revenue...
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The UK's oil fields are a long way past the levels of production and return on investment that justified building massive industrial facilities in the middle of the sea. The only thing keeping them going is the belief that long term high sale prices for the product will enable all those rigs, helicopters and other expensive infrastructure to keep operating profitably. Only time will tell whether that belief will be borne out.
Thankfully, here in the UK we have a reasonably diverse economy in which oil accounts for 1.5% of the tax take. I pity any country where ... oooh ... 10-20% of public spending relied on it.