If There Really Is An Oil Crisis Then...

Oil companies pay tax to the UK and it has provided thousands of UK jobs for many years so we have gained something, though sadly not on the scale of Norway.

UK oil is produced with much higher standards than the likes of Russian oil. I know which I’d prefer.

SueDonim

Why are we prioritising Russian oil over North Sea oil?

We do not own North Sea oil ( or so I believe, happy to be corrected). Thatcher sold the rights to it ( I don’t think the country benefitted from it in any way even though it actually belonged to us; I seem to remember feeling quite aggrieved about it at the time).. We have to pay market prices for any oil that is extracted. Norway still own their oil and have done very well from it over the years.

Why are we prioritising Russian oil over North Sea oil?

mae13

...why is Formula 1 racing still going strong?

Because it's lucrative.

Brent oil is coming down in price. It is now under $100. However low oil prices are bad for the environment.

20% of the worlds oil comes through the Straits of Hormuz which means that 80% comes from elsewhere.

The U.K. has eased sanctions on Russian oil, (not that I m in agreement with them) I do think this is another media storm in an eggcup

Not good. Very uncertain times.

A few days I read that flights had been cancelled owing to shortage of fuel but this turns out not to be the case.

Apparently there is a possibility that holiday flights will be cancelled owing to the escalating price of oil.

It is very difficult to predict what will happen as the progress of the illegal war with Iran is shrouded in Trumps lies and contradictions.

Magenta8

Some holiday flights have been cancelled.

I thought I read that they were cancelling flights if they were not fully booked and any passengers were compensated and rebooked on the next flight.

Sounds like a sensible idea in the current circumstances.

A lot of the engineering technology filters down into the cars we drive.

The number of people it employs and income it generates 🤷‍♀️

Wish they would do the same with the big motor cruisers powering round the coast & in the Med - their fuel consumption is staggering.

More difficult because they're dependant on the fuel barges / re-fuelling points in port.

F1 cars are hybrid and the non electric part runs on biofuel, no crude oil involved, net zero emissions.

Some holiday flights have been cancelled.

Because having loads of money means the price of fuel , fuel - basics of life is pretty immaterial.

This oil crises will hit the poor, and less well off. It is always the poor and less well off.