News in Norway reports that a 4.5 kilo farmed salmon from Norway is priced higher than a barrel of oil. Thanks to the prudence of earlier Norwegian governments, however, the sovereign fund built up in the good times will see the nation through, according to at least one economist. Moreover, BP's Bob Dudley states that there is still rising demand for oil and foresees a rise to $50/barrel by the end of the year.
If so, many of the job losses on drilling rigs in the North Sea could be reversed. In the short term, the low price should benefit consumers in this country; the price of gas on the wholesale market is linked to the price of oil. However, energy companies are characteristically reluctant to pass on the whole benefit of the savings and surely the regulator should do more.
The worry for professionals based in Scotland and Norway is that oil exploration companies contemplate cutting down their services.
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