Oil prices 'out of control' Source: Daily Mail Publication date: 2000-05-05

SCOTLAND'S North Sea produced oil worth 518 a second last month the highest level since 1990 due to booming oil prices, according to a report yesterday. But industry experts warned that the high prices were 'not sustainable' and were having a negative impact on Scotland's oil and gas service sector.

A knock-on effect is that expansion plans by the oil firms are being put on hold as a result of the uncertainty.

Total revenues for April soared to 44.8million a day 114.5 per cent up on a year ago. The prices would have been expected to bring relief giving operators confidence to start drilling again and help stop the decline in employment offshore.

But The Royal Bank of Scotland says prices are out of control. Stephen Boyle, its oil economist, said: 'A rapid move towards a more sustainable price is in the UK industry's interest.'

Publication date: 2000-05-05

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-- Martin Thompson (mthom1927@aol.com), May 09, 2000