How will Aberdeen businesses survive the drop in oil revenue?
Warren Buffet once said "It is only when the tide goes out that you find out who has been swimming naked." In other words, those companies with few reserves will struggle to survive until the tide comes in again.
Aberdeen has relied on oil to build its wealth and is naturally vulnerable to fluctuations in the barrel price. But the city has survived before and I am sure it will again. However, this is probably a good time to consider investing in new industries and sources of income.
I have heard a number of people in the tourism sector say that the North East of Scotland does not receive its fair share of publicity. The scenery may not be as dramatic as the West Coast, but it has its own beauty. The area has many fine golf courses, fishing opportunities and whisky distilleries. If you want castles and history, they are here in abundance.
We need our local Councils and Politicians to get behind the promotion of tourism and the many assets that we have in the North East, not just oil. Even if the price of oil does rise back to over $100 a barrel, one day it will run out.
Our universities have excellent research facilities and produce many very skilled graduates. Are we making the most of their talents? Are we encouraging them to stay in Scotland?
It is easy to think that the future is all doom and gloom, roll over and give up, but if we can make the most of the assets we have, Aberdeen and the North East will fight back and be stronger for it.
