Crude reality: Winners and losers in the oil crisis - Counting the Cost
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As the oil price has dropped more than 70 percent since the summer of 2014, the oil industry is facing its deepest downturn in more than two decades. The price of oil has decoupled from the actual cost of production. It is becoming unprofitable and the effects are being felt across the globe. Nigeria and Angola, Africas's two biggest oil producers are both in talks with the World Bank about support for their strained state finances. Budgets in Russia, Venezuela, Colombia, Ecuador, Mexico, Saudi Arabia and Canada are in deficit, which means cuts in public spending. Big oil is cutting jobs and capital spending, in fact BP just reported its worst annual loss in 20 years and Shell reported a 80 percent slide in profits for 2015. But there are winners too: China, India, Japan, and South Korea are among the largest importers of oil so they are benefiting from the dropping oil price. We are backtracking the demise of oil - from production companies in the North Sea to a former Caspian Tiger fallen on hard times, Kazakhstan, to find out who are the winners and losers of the oil price drop and what it means for the people. Also on Counting the Cost: Ireland is now the fastest growing economy in the EU, but has its post-bailout success come at the expense of the country's poor? And how will it affect Ireland's economy and its people if its closest neighbour, the UK, decides to leave the European Union? Plus, after years of negotiations, the controversial Trans-Pacific Partnership Agreement (TPPA) has been signed at a ceremony in New Zealand. But sealing the deal on paper doesn't mean an end to the opposition, so what is the future of TPPA? - Subscribe to our channel: http://bit.ly/AJSubscribe - Follow us on Twitter: https://twitter.com/AJEnglish - Find us on Facebook: https://www.facebook.com/aljazeera - Check our website: http://www.aljazeera.com/
Comments
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Roberto Fernandez de Cordoba para presidente 2017 https://www.facebook.com/robertofdc/
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Qatar's budget deficit forecasted to be $46billion. Why is Saudi Arabia the only GCC country called out in the report as going to be running a deficit. Oh wait a minute that didn't get passed by the handlers in Doha.
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Gas prices in California STILL $1.00-$1.50/gal more than rest of USA....shouldn't people be in jail?
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If the UK were to leave then no doubt they would create special border and trade agreements with Ireland as they have done with travel between the countries where Ireland alone can enter the mainland without a passport. There will no doubt be a special relationship that will be maintain that both countries benefit from. The UK doesn't want to be economically isolated by their decision to leave the EU, that want to maintain much of the positives but regain greater monitory and fiscal control over their economy that a membership to the EU prevents.
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Rothschilds Suncor now owns 75% of Canada's Oil Sands now that its cheap.
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Aww poor trillion dollar industry. Look I feel bad for the people who lost their job, guess what? Go get 1 in the green energy department, which will actually make more jobs and manufacturing globally.
TPP is a mistake by anyone who accepts it, we need to really slow down on oil usage not the move to alternative energy. Good report besides feeling a bit bias to oil.
When was the last time these industries cared about people? Flint's water problem was because they wanted to save a few million, now they don't care that all water is defined as "toxic waste".
If you agree to the TPP, and something happens like a spill, they could legally sue you if you tried to fix it without their consent which, really, how responsive do you think they would be? -
if the Irish oil industry is having a hard time make a living, i'd ask why? Well they have pay various taxes like all companies. Well, instead of waiting for they bankruptcy, why wouldn't the government simply lower their taxes to protect this business. They would continue producing oil, selling at lower prices, but paying lower taxes accordingly. Even MAFIA would hold on with their paychecks in a time of crisis, but seems like the governments are more parasitic
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