The volatile nature of capitalist production and distribution is well illustrated by the latest development in the oil industry. 'The UK's oil industry is in 'crisis' as prices drop, a senior industry leader has told the BBC. Oil companies and service providers are cutting staff and investment to save money. Robin Allan, chairman of the independent explorers' association Brindex, told the BBC that the industry is "close to collapse". Almost no new projects in the North Sea are profitable with oil below $60, he claims.' (BBC News, 18 December) This is just another employment insecurity suffered by the working class. RD
The Glasgow & Edinburgh Branches Blog. Towards a better understanding of the world, in order to change it.
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