“It’s A Huge Crisis” – The UK Oil Industry Is “Close To Collapse”
by Tyler Durden
ZeroHedge.com
12/18/2014
With great delight we present the latest blowback from Obama’s “brilliant” strategy to cripple Putin: in addition to the default wave about to crush America’s own shale industry, America’s biggest foreign ally and military partner when it comes to “ideologically pure missions of liberation” – the UK, and specifically its North Sea oil industry which according to the BBC is in a “crisis” and according to Robin Allan, chairman of the independent explorers’ association Brindex, the industry was “close to collapse”. “It’s almost impossible to make money at these oil prices”, said a director of Premier Oil. “It’s a huge crisis. It’s close to collapse. 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.”
The Rest…HERE
