I intended to not post this news report and I wanted to wait to see next weeks global oil price shake up.
However, Follow the money blog has a very interesting discussion concerning the horrible effects likely to follow. Thus after engaging in the discussion there I decided to share the information and discussion here.
Thank you all who share in the global dialogue for increased awareness, emergency preparedness and creative problem solving. ~Ron
Britain’s oil industry is in a “crisis” and may be “close to collapse,” a senior oil industry expert has said, as the UK’s biggest oil and gas companies continue to cut staff and investment and the price of crude slumps.
Speaking to the BBC, Robin Allan, chairman of the independent explorers’ association Brindex, echoed warnings made by other figures in the oil industry in the past month, saying that no new projects in the North Sea would be profitable while oil is being traded at below $60 a barrel.
“It’s almost impossible to make money at these oil prices,” Allan said.
“It’s close to collapse,” he said. “In terms of new investments – there will be none, everyone is retreating, people are being laid off at most companies this week and in the coming weeks. Budgets for 2015 are being cut by everyone.”
While Allan said such fluctuations had happened before, he also said more oil workers than usual may be axed, particularly contractors rather than full-time employees.
UK oil and gas production has declined since 1999, although investment levels have remained high. While the UK is exploring alternative energy options, investment into oil peaked in 2013, at around £13 billion.
Earlier this year, a study conducted by the UK Department of Business, Innovation & Skills and the oil and gas safety body Optio predicted as many as 35,000 jobs in the sector could be lost within the next five years as oil prices continue to plunge.
Meanwhile, insolvencies among UK oil and gas companies have trebled this year, with a further £55 billion worth of future oil projects facing cuts or outright cancelation, according to leading UK accountancy firm Moore Stephens.
However, some analysts believe a decline in oil prices may work in the UK’s favor, particularly in comparison to major oil-producing countries such as Russia and Saudi Arabia.
“In essence, an oil price fall acts like a tax cut for the economy, but a particularly favorable one in the sense that the burden of lost revenue is primarily borne by the major oil producers such as the OPEC member countries and Russia,” said John Hawksworth, chief economist for PriceWaterhouseCoopers (PwC).
“Of course, the UK is still a significant oil producer, but we are now a net oil importer, so there should be a net benefit to our economy as a whole, even if there as some losers in the UK oil and gas sector,” he said.
READ MORE: rt.com
Sharing the Global Dialogue & Discussion
Who is driving this slump?
To go from riches to rags internationally in months, someone is.
Is it just to drag Russia down?
If it is and kills the UK, will there ever be trust again?
This is allowed to happen, ask yourself why the price manipulators (PPT, FSB, OPEC, commodity trading collars, etc.) are not intervening…
Why are they implementing gold and silver trading collars but refuse to do the same with OIL???
Is this the controlled contagion to effect the global recession and currency revaluations for the emergence of the new multipolar basket of currencies (SDR/BRICS) monetary system policy?
I consider this is part of the transition to the new international monetary system and a real possibility:
The next 2 years will reveal the answer, but keep eyes on planned meetings:
OPEC – June 2015 and IMF – July 2015 and Turkey Hosting G20 in 2015
* I will add what I have said several times elsewhere, People are suffering.
This Crisis Is No Accident, It Is Policy!
Be alert, creative, and prepared for the preplanned international monetary system transitional years ahead.
The crisis is not an accident, it is a monetary policy change.
Over the years we have discussed, researched, and debated these hidden globalist agendas, not sure if they would happen as we had discussed, while praying, preparing and sharing as a form of emergency preparedness planning and improving problem solving skills.
We wish the crisis to be addressed by mass awareness and creative problem solving at the personal and local community levels. This means that the institutions must yield to the will of the People, however it is not only clear that governments and their money masters will not respect grassroots solutions with the will of the People, but they also will enforce their globalist’s destructive agenda and policies with armed enforcers, terror, and violence.
Indeed, a great amount of planning, strategy, and funding has gone into the institutional policy changes to transition the international monetary system, from a U.S. Dollar centric unipolar structure to a SDR currency basket multipolar structure. This agenda with their agents will create emergencies, crisis, and possibly wars, not to worry, because they also have the global solution; and that will achieve their objectives.
It Is Not A Accident, It Is A Policy.