Falling oil prices could devastate Aberdeen

The video discusses the history and impact of North Sea oil on Aberdeen, highlighting the economic boom it brought. However, with plummeting oil prices, the industry faces significant challenges, affecting local businesses and the property market. The future of the oil industry remains uncertain, with potential economic repercussions for Aberdeen.

What major change did Aberdeen experience 40 years ago due to North Sea oil?

• A decline in population

• An economic boom

• A shift to agriculture

• A decrease in tourism

How does the oil industry affect local businesses in Aberdeen?

• It influences both large and small businesses

• It only affects large corporations

• It has no impact on local businesses

• It leads to a decrease in local wages

What is a potential consequence of the oil price drop on Aberdeen's property market?

• An increase in new property developments

• A lull in the property market

• A surge in property prices

• A complete halt in property sales

What is a significant challenge in extracting oil from the North Sea?

• It requires enhanced oil recovery techniques

• It has no environmental impact

• It is cheaper than other regions

• It is less profitable than other industries

What might Aberdeen need to rely on to overcome the challenges posed by the oil industry decline?

• Its inherent strength and resilience

• Government subsidies

• A shift to renewable energy

• Increased tourism