Google+ Badge

Friday, December 19, 2014

UK Oil Industry "Close To Collapse" As Price Plunges Below $60 Per Barrel

Good riddance to BP who has yet to pay for Gulf oil catastrophe; oil company criminals now paying the price for pauperising the middle classes of the world with largest corporate ripoff in history - gas should be at 40 cents a gallon with glut prices at rock bottom  

RT
12/18/2014

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.


Oil companies on the skids as Americans, world just
say no to continued looting and turn to alternatives
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.


Oil companies destroy environment, poison civilian populations, destroy entire economies, loot continents and then charge you for it - what a deal

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.


Fracking and the resulting environmental destruction
now completely unjustified, unsupportable
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.


Obama won't be laughing anymore when his "cut" gets gutted
Despite this, new figures commissioned by BBC News showed Britons were using 10 percent less energy than they were five years ago, despite the British economy growing in real terms.

According to the report, much of this is due to increased use of energy-saving domestic appliances, as well as an increased use of green energy sources.



This news bureau contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc.  We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.

-------------------------------------------------------------------------------------------------------------------

ANDREW KREIG: EXPERTS REJECT FIRE AS CAUSE FOR 9/11 WTC COLLAPSES

The real truth on 9/11 slowly continues to bleed out

 photo
Technical experts are mounting major challenges to official U.S. government accounts of how three World Trade Center skyscrapers collapsed in near-freefall after the 9/11 attacks 15 years ago.

Many researchers are focusing especially on the little-known collapse of

READ MORE >>

-------------------------------------------------------------------------------------------------------------------

The Geopolitics Of The United States, Part 1: The Inevitable Empire

The Empire and the inevitable fall of the Obama criminal regime

 photo
STRATFOR Editor’s Note: This installment on the United States, presented in two parts, is the 16th in a series of STRATFOR monographs on the geopolitics of countries influential in world affairs.

Like nearly all of the peoples of North and South America, most Americans are not originally from the territory that became the United States.

READ MORE >>

-------------------------------------------------------------------------------------------------------------------

Geopolitics Of The United States Part 2: American Identity And The Threats of Tomorrow

A look back at 2011 predictions for the future in order to put events of today into perspective

 photo capitalism_zpsah78uy5p.jpg
We have already discussed in the first part of this analysis how the American geography dooms whoever controls the territory to being a global power, but there are a number of other outcomes that shape what that power will be like. The first and most critical is the impact of that geography on the American mindset.

READ MORE >>

-------------------------------------------------------------------------------------------------------------------


By Robert S. Finnegan

This e-mail outlines and confirms the acts of espionage against Indonesia and Indonesians by Akiko Makino and the others involved both in Kobe University and in AI Lab at University of Airlangga, Surabaya; Bahasa Indonesia original follows English translation...

READ MORE >>

-------------------------------------------------------------------------------------------------------------------

UPDATED 01/07/2015 : New Analysis Challenges Tamiflu Efficacy; Hong Kong Corona Virus Outbreak

UPDATED 01/07/2015 : FOX NEWS CORPORATE PHARMA SHILL MEGAN KELLY AND FOX NEWS QUACK DOCTOR NOW PUSHING TAMIFLU FOR PREGNANT WOMEN AND CHILDREN;

 photo TAMIFLU_small_zpssojx6okt.jpg
THE 5TH ESTATE UNEQUIVOCALLY WARNS THE PUBLIC NOT TO TAKE OR GIVE THIS PROVEN DANGEROUS, INEFFECTIVE DRUG TO ANYONE

Obama criminals now resulting to biowarfare in quest to destroy Chinese and ASEAN economy; "novel virus substrain" points directly to a Kawaoka / Fouchier / Ernala-Ginting Kobe lab virus weaponized and genetically altered to specifically target and infect the Asian population: Ribavirin...

READ MORE >>

-------------------------------------------------------------------------------------------------------------------


 photo WHO02_zpsplmhtlpr.jpg
The 5th Estate has just purchased a library on H5N1 "Novel" virus pandemics, there are dozens of PDF and Exel documents we feel will assist you in saving lives following intentional releases of the H5N1 and now MERS viruses; we will begin by printing those that appear to be extremely relevant here: H5N1 Kobe-Kawaoka-Ernala series continues soon with more "Smoking Gun" e-mails from Teridah Ernala to The 5th Estate . . .

READ MORE >>

-------------------------------------------------------------------------------------------------------------------


By Robert S. Finnegan

On October 12, 2002 the Indonesian island of Bali experienced a terrorist attack that rocked the world. It was unquestionably well-coordinated and executed, the largest in the country's history.

READ MORE >>