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Price Of Oil At Five Year Low


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I would imagine the loss in tax receipts to the treasury will be greater than the boost to gdp through lower costs. More broken spending and borrowing projections. Osborne must be bricking it.

We are a net importer of oil and gas. Overall a lower oil price helps the UK economy. It's not great for folk working in the oil industry obviously, but most of them are wealthy enough to ride it out. Oil and gas revenues contribute less than 1% to the overall revenue take of the treasury. Osborne has bigger things to worry about than reduced oil revenues.

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I'm pretty sure Peston reads the TAMB. Which user name do you think he uses?

Fud.

Edited to say that's his user name not you.

Although others may call you it I never have.

Well once, but I was on the baileys.

Edited by G-Man
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Saw the odious sarwar speaking in parliment to cameron about the low oil price and laughing about the snp figures pre referendum on price.But the worst thing of all was another red tory donahue i think hes called roaring and laughing behind him

That's probably Brian Donahue. Horrible guy.

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There's another avenue for Oil and Gas workers which wasn't really so available the last time the industry hit the buffers - Renewables, particularly offshore wind. The renewables industry has had a huge amount of difficulty recruiting experienced engineers as they're all hoovered up by O&G. The wages won't be quite the same as the rigs, but there's likely to be an increasing amount of offshore work as the third round of offshore licenses are granted this year.

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the UK's balance of payments is dependent on our Oil, Gas and Whisky ..... the funny thing is Cameron was basing oil prices on being $134 a barrel before the referendum

Scotland's economy is not reliant on oil compared to the UK as a whole as our economy is more diverse

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Oh...never thought of that...something to look forward to.

I spoke to a few soft no voters about this when I was over on holiday last month. On That day in 2016 when the flag would have come down from Edinburgh castle and fireworks would have gone off in every town and city across the country would for each Scot, local or expat,young or old, left wing or rightwing, male or female and a million other differences be a defining day of our lives.

The looks on their faces that they lost this most special moment because of believing downright lies from Better Together on pensions, currency or devomax was so sad.

Next time.

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Anyone seen Jackie baillies tweet this week?

In August she said setting up an oil fund would take money away from public services and had a link to the BT website .......... Now the wants to setup an oil fund

http://wingsoverscotland.com/the-goldfish-principle/

Edited by vanderark14
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48.70 dollars today.

I thought it cost more than that to get it out the ground on average

Depends which field you are working, i heard the buzzard can go down to 25 dollars the barrel and still turn a profit other installations like the heather,thistle,claymore ect would require a high oil price to remain viable,,,, the first thing to be effected is drilling and exploration which then has knock on effects for the future

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Oil companies are using "low" ish oil prices as a big stick for negotiations with the government and with their own workforces. Even at $50 (it might go lower) it is still almost double the historic averages over the last 70 years (adjusted for inflation). The price has only been higher since the spike in 2005. I think the average price for a year has only been over $100 in one year out of the last 70 and that was only by a few cents. Oil is getting harder to get out of the ground but there is still plenty of it.

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