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PeakMetrics / Fact Checks

Economy & business fact checks

Explore claims publishers have checked about economy & business. Read their original ratings and follow the evidence.

7,091 published reviews in this topic

PA MediaEconomy & business

A popular post on social media claimed that the UK buys most of its oil from Norway and that the UK has access to the same oil fields as Norway. The post read: “The UK buys most of it’s oil from Norway. Norway gets it’s oil from the same oil fields that the UK has access to in the North Sea. We are literally buying our own oil for a markup, instead of drilling it ourselves for half the price.”

Publisher’s rating: This post contains factual inaccuracies. Firstly, the United States is the UK’s biggest supplier of imported oil, not Norway. Secondly, only eight out of Norway’s 123 oil fields also cross over into UK territory. Thirdly, while oil production in the UK does create jobs here and provide tax revenues to the Treasury, UK oil is sold at the international market rate, not at half the price of Norwegian oil.