Skip to comments.UK announces help for struggling North Sea oil industry
Posted on 01/29/2016 4:27:11 AM PST by thackney
Britain announced Thursday a L250 million (325 million euro, $350 million) package of funding to boost the oil industry in northeast Scotland, which has been hit hard by slumping prices.
Prime Minister David Cameron visited the oil city of Aberdeen and met industry bosses for talks on the current situation.
"Obviously it's a difficult time for the oil industry because of the oil price decline, but what this shows is that the British government is 100% behind this industry, behind Aberdeen, behind Scotland," Cameron said.
"We want to see this port expand, we want to see an energy innovation centre, we want to help Aberdeen to diversify its industrial base," he said.
Scotland's First Minister Nicola Sturgeon welcomed the announcement and said that the Scottish government would add ÃÂ£254 million in funding to improve infrastructure in the region over the next five to ten years.
Global oil prices fell by more than 30 percent in 2015 and have dropped by another 20 percent this year amid increasing production and weaker demand.
In London, Brent North Sea crude for March, the European benchmark for crude oil, is currently at $34.24 a barrel, down from highs of over $100 in 2014.
(Excerpt) Read more at news.yahoo.com ...
was any tax anywhere ever going to be used for good, besides maintaining a military?
it is money for the oligarchs.
whatever country it is.
what the @#$@# is an income tax anyway? who thought of this?
They don’t want Scotland to vote for independence.
Bernie Sanders approves.
Erm, you don’t bail the UK out. We are actually in a far healthier economic state than the US.
Newsflash: we didn’t in Sept 2014.
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