North Sea Oil Supply boat Manoeuvring in Aberdeen Harbour. Grampian. Scotland. XPL 4613-434
The City of Aberdeen is a global energy city, and has one of the strongest local economies in the UK. From the 1970s onwards, Aberdeen was to become home to Scotland’s main form of industrial employment and one of the few cities to escape the recessions of the 1970s and 1980s. Over the past three decades the city has enjoyed high levels of growth, which in recent years has been over three times the Scottish average. The presence of the oil industry has maintained earnings above the national average and has helped the city establish itself among Scotland’s key economic drivers. The figures speak for themselves; the industry supports some 100,000 Scottish jobs and 300,000 jobs throughout the UK. It is further estimated that the North Sea oil industry has contributed over £175 billion of tax revenue to the UK Exchequer. Nonetheless we must be mindful of the city’s continued reliance on the oil industry. It is only three years since the last industry downturn caused a rise in unemployment and negative growth. Our fortunes as a city are inextricably linked to the international oil industry; it is not just the spectre of oil running out that we have to face, any major slump in the oil price could hit jobs throughout Aberdeen and the North East. Short-term shocks are more difficult to predict and the impact more difficult to absorb. The location of many oil companies in the area had much to do with the proximity requirements of the industry and to a large extent was borne of necessity. The city is aware of the vagaries of the oil industry including the possibility of a shift to more competitive locations. In terms of diversification it is critical Aberdeen encourages indigenous sources of wealth creation which are less vulnerable to the fortunes of one sector. Aberdeen City Council has been exploring the potential to diversify the economy to reduce the city’s dependence on oil. While the industry will continue to provide jobs and prosperity for many years to come, it would
Size: 5177px × 3717px
Location: Aberdeen Harbour, Grampian Region, Scotland, United Kingdom.
Photo credit: © David Gowans / Alamy / Afripics
License: Licensed
Model Released: No
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