Oil Expert Criticises Calls For Summit On North Sea Crisis
Professor Alex Russell has spoken out against plans to hold a summit discussing the ongoing crisis in the North Sea, as the price of oil continues to fall, saying more "urgent action" needed.
An oil expert has criticised Aberdeen City Council Leader Jenny Laing's calls to hold a summit to dicuss the ongoing crisis in the North Sea, as the price of oil continues to fall.
Professor Alex Russell, who is a lecturer in Petroleum Accounting at Robert Gordon University, believes more "urgent action" needs to be taken.
Council Leader Jenny Laing is hoping figureheads such as Nicola Sturgeon and David Cameron will help put together a meeting, to discuss a "strategic plan" to help save jobs in the North Sea.
But Professor Kemp told Northsound News that it is clear that taxes on the industry need to be cut in order to save the sector, and that he is not sure holding a summit is "the right move".
It comes as the price of Brent Crude Oil hit a low today of $55.42 a barrell, its lowest value since 2009.
Our reporter Hope Webb spoke to Professor Alex Russell about plans for the summit. You can listen to that here.