Qualified advisers answering your
Financial Questions
call 0800 092 1245

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.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details