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Has Labour killed the North Sea Oil Industry, inadvertently created yet another balance sheet back hole and sounded the death knell for a raft of UK PLCs?

By Tom Winnifrith | Tuesday 30 July 2024


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


I know that we AIM groupies like oil stocks. They are often headed up by colourful and charismatic fellows and they offer the lure of massive gains. Usually they deliver massive losses but we can all dream. But, among the wider population, oil companies are perceived as evil capitalists who always coin it in while destroying the planet and thus taxing such companies even if it drives them away from Britain is always a vote winner.
In that vein, having created a budget black hole with her windfall pay rises for public sector workers, new chancellor Rachel Reeves started her assault on the industry yesterday.
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