Oil summit welcomed

Leader of Aberdeenshire Council, Cllr Jim Gifford has welcomed an economic summit on the future of the oil and gas industry.

He said: “Once the details of the summit are announced, Aberdeenshire Council will make sure it is fully involved.

“The oil and gas industry is incredibly important, not only to the North East economy, but to the economy of Scotland and the rest of the UK.

“We have established good working relationships with the private sector over many years and understand the challenges facing the energy industry today.

“The area benefits when oil prices are high, but this also brings challenges impacting on house prices and affecting the local recruitment market.

“ It’s important that we consider the impact of a falling oil prices, the likely effect on the economy and steps we can collectively take to support the industry. However, we must also be careful not to over-react to circumstances over which we have limited, if any, control and talk ourselves into a problem that is bigger than it really is.

“We know that the industry is cyclical and has highs and lows determined by the world-wide price of oil.”

There are still plenty of opportunities for people who want to work in the area, and I believe the effect of the oil prices will start to redress the balance of the local economy.”