Panic buying of fuel as refinery strike looms

The shutdown of the Ineos oil refinery at Grangemouth in central Scotland has begun creating uncertainty for Britain’s motorists. The closure of the plant began ahead of a two day strike over pension plan changes. The strike which begins Sunday has concerned many as to whether fuel supplies will be disrupted. Motorists have been told not to panic buy, but already there are signs of fuel shortages on some forecourts in Scotland. BP has said it would have to close the Forties oil pipeline if the strike went ahead effectively cutting off North Sea oil production with Grangemouth. This in turn would halt the output of a third of Britain’s daily oil supply. The shutdown comes at the end of a troubled week for the oil industry which has seen oil rise to nearly $120 per barrel [BBC / Sky News]. Motorists have been particularly hard hit over the last few months as prices for fuel has topped £1.20 per litre [$2.38] in many areas of the UK. By contrast, drivers in the US have aired complaint over $4 per US gallon, which equates to $1.05 per litre or £0.52.