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UK’s oil industry close to collapse

Posted by seumasach on December 18, 2014

PressTV

18th December, 2014

A senior British energy official says the UK’s oil industry is “close to collapse” due to a recent dramatic fall in crude prices.

“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,” said Robin Allan, the chairman of the independent explorers’ association Brindex.

He added that the plunge in oil prices pushed the industry into “crisis” and oil companies are cutting staff and investment to save money.

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