shell

As I write, Shell is working to contain an oil spill off the Aberdeenshire coast that is already, reportedly, the worst spill in UK waters for over a decade. 

How much oil lies under that Arctic ice? 90 billion barrels, according to the US Geological Survey.

But, how much really is that? If you ask an oil company, that’s a huge amount. With a barrel of oil over the hundred dollar mark, that's nine trillion dollars worth at today’s prices – if you could get at it all.

However, there’s a much more important number than the mind-boggling figures that the oil companies deal in.

Ever since last month’s Budget, oil companies have been complaining about George Osborne’s tax on North Sea oil and gas. Yet many have just announced record profits - boosted considerably by current sky-high oil prices. What do they take us for?

Cairn Energy has fired the starting guns on its 2011 Arctic drilling operation.

Their plan is to lug a couple of massive rigs up to the icy waters around Greenland and drill four exploratory holes in the seabed.