So checking the news today regarding the price of oil and I see - TopicsExpress

So checking the news today regarding the price of oil and I see that North Sea Brent Crude Oil fell to $58.50 at one point before ending at $59.01 while in America a barrel of US Crude Oil can now be bought for $54.05. The value of a barrel of oil traded on the world markets has now become more expensive to extract than it can be sold for. The specter for future investment in the industry looms heavy while the oil companies wrestle with the prospect of losing money hand over fist as the price continues to drop. The revenue collected by the exchequer on each barrel extracted will diminish. In an economy where it represents approx 1% of all tax revenue collected, this is immaterial. In an economy where it represents between 10 and 20% of all revenue collected, it is disastrous. I am very very glad I voted No to independence. bbc.co.uk/news/business-30491801

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