Desperate times mean desperate measures. Something has to give. With no end in sight to the low oil price, Canadian tar sands companies are having to sell what are being described as their “jewels in the crown” in order just to survive.
Earlier this week, a little glimpse of hope for the oil industry concerning a respite in the oil price plunge all but vanished after it emerged that a “make or break” meeting over the weekend between key OPEC players had ended with no agreement on cutting production.
Every day the low oil price is causing more pain for the oil and gas industry and no company or region is immune from the damage being caused.
Later this month, a judge in the UK is set to jail 13 non-violent protesters who occupied one of the runways at London Heathrow in July last year.
Oil giant BP sent shock-waves through the industry this morning with what has been described as a “jaw-dropping” loss.
Last week, the British Prime Minster, David Cameron, flew to Aberdeen, the oil capital of the UK to announce £250 million emergency funding to “prop up the North Sea oil industry”; which is reeling badly from the low oil price.
