UK plunges into the red on annual crude trade
By Gary Duncan, Economics Editor
THE demise of Britain’s self-sufficiency in oil loomed larger yesterday as it emerged that the country plunged into the red on trade in crude in 2005 for the first full year since the late Seventies.
After becoming a net importer of crude for most of the second half of last year, Britain recorded its first annual deficit on trade in oil since Margaret Thatcher came to power in 1979.
Over 2005, Britain exported 50.2 million tonnes of North Sea oil worth £10.9 billion. But this trade was eclipsed by imports of 55 billion tonnes, worth £11.4 billion, to meet the needs of an energy-hungry nation, the official figures revealed.
( For the complete story, Click here )
THE demise of Britain’s self-sufficiency in oil loomed larger yesterday as it emerged that the country plunged into the red on trade in crude in 2005 for the first full year since the late Seventies.
After becoming a net importer of crude for most of the second half of last year, Britain recorded its first annual deficit on trade in oil since Margaret Thatcher came to power in 1979.
Over 2005, Britain exported 50.2 million tonnes of North Sea oil worth £10.9 billion. But this trade was eclipsed by imports of 55 billion tonnes, worth £11.4 billion, to meet the needs of an energy-hungry nation, the official figures revealed.
( For the complete story, Click here )
posted by Oil Shock at 11:48 PM
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