Sunday, May 15, 2016

Aberdeen: the Granite City in crisis

Aberdeen docks

The oil price collapse is still looming over Aberdeen Credit: Jeff Mitchell/Getty Images 
"It has got to the point where I run into old friends and ask them whether they’re in work, almost as a greeting. It’s become the same as asking ‘how are things?’,” says oilfield safety worker Spencer Owen.

After months of dragging oil prices the capital of North Sea oil is caught in the grip of a vicious downturn which has wrought financial pain throughout the local economy. Dips are to be expected of a city so deeply dependent on the fluctuating price of oil, but the latest downturn is unlike anything its 195,000 residents have seen before.

Tales of oil executives queuing up for food banks or to sell their Rolexes to overwhelmed pawn brokers are breathlessly repeated by cab drivers. READ MORE