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Oil.

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Eddie Mair | 11:59 UK time, Thursday, 14 August 2008

Yvonne Murray writes: "150 dollars. That's where the price of barrel of oil peaked this summer. And it's not expected to fall below $100 any time soon. For most people, that means misery at the petrol pump. But for others, it's a tremendous opportunity. When we think of oil in this country, we think of the North Sea. But for a long time before it was discovered there, prospectors were drilling on dry land. There are recognised reserves across the UK. They're small, but they've suddenly become a lot more interesting to oil companies. In the latest licensing round, the government awarded 96 for new onshore projects. And ministers are keen to see as much exploration for Britain's own carbon resources as possible."

Yvonne will report for us on PM tonight - and here are some snaps and words to go with it.

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"This is a nodding donkey in Hampshire. It's been there for over twenty years but it's tucked away behind woodland, so from the ground, you wouldn't know it was there quietly pumping oil from a mile below the surface."

"The report for PM can also be seen on Newsnight. The pictures below are of the news helicopter which we borrowed for an hour to fly over the South Downs and film the oil wells that are hidden away in the countryside."

yvb.JPG

yvc.JPG

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