MP committee looks at North sea oil exploration
In light of the Gulf of Mexico disaster a committee of MPs will review the UK government's decision to ignore calls for a moratorium on new drilling exploration in the North sea. While there is no doubt that lessons need to be learned from the Gulf of Mexico problem, which has seen the BP share price collapse, many believe that safety measures in place in the North sea are more than adequate for this type of deep sea drilling.
Over the last few weeks it has become more and more apparent that the UK economy, and indeed the worldwide economy, depends very heavily upon the supply of oil. While a moratorium on deep sea drilling in the short term would have little impact upon oil supplies at the moment it may have an impact upon sentiment and indeed could affect the oil price. It seems, whether right or wrong, that there will be major changes in the oil industry in the short to medium term although whether these will "stick" remains to be seen because the oil companies have massive influence in the political and economic arena.
Recent criticism, which is similar to that received by the banking industry at the height of the worldwide recession, has seen the oil industry demonised by many governments around the world.
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