huge benefits from the oil and gas industry but there have been downsides. House prices have escalated, as have retail prices. Unemployment is the lowest in Scotland but the high wages offered by the North [...] industries. Aberdeen learned a harsh lesson in the eighties when the oil price slumped and the industry went into recession. House prices fell so dramatically some people simply handed their keys into their [...] hit again and in 1998 the average price for Brent crude slumped to under $13. Developments were once again put on hold and the century ended with a year in which the price was down to under $10 a barrel at

certainly got huge prices for our land.« But as he stood outside his modest farmhouse, Danny, now 75, added: »You'll notice that I'm still farming.« »I would have been extremely wealthy today if we didn't have [...] began a remarkable transformation of the islands' economy - when it first arrived in December 1976. Today it is difficult to envisage the excitement of residents - particularly those living on the tiny island [...] was being built, Dr Hammer decided he wanted to give Orkney a gift - and what better than a piano. Today, as the islands prepare to look back on 25 years of living with the oil industry, that Steinway grand

resources of the islands and are regularly caught up in a mess of conflicting interests, ? retail prices and prices for services are considerably higher than what they are on the Scottish mainland, ? Shetland [...] can deliver the services required by the East and the West of Shetland oil fields. It is investment today for the ongoing business tomorrow.« Others are more open about their aspirations and hopes. The chief [...] confidence Shetlanders have gained in dealing with the oil industry. To arrive where the islands are today, has taken just over 25 years, a period that can be described as an unprecedented (black) gold rush

and personal danger, capable of giving jaded oil executives emotional highs and lows. Today, despite high oil prices, companies are reluctant to splash out millions of dollars on risky exploration plays

ágangandi. »Hello. Goodmorning. Where do You come from, my friend? I have special price for you. You'r the first costumer today«, káka teir, hóast vit vita, at tað, teir siga, er kolasvørt lygn. Her ganga hundrað-

gives us a competitive advantage. Tourism Creates Ground for Other Industries In the Faroe Islands today we are very dependent on our export of fish products, but we cannot go on counting solely on fishery [...] fishery as a main source of income. The fishing industry can be very unreliable. World market prices vary a lot and right now we are experiencing that some species of fish, which have been important resources [...] Until recently, you were unlikely to find any material about the Faroes at your local travel agency. Today the Faroes, like everything else, are just a click away. But to make people in the outside world aware

places around the world today with similar problems, and thus this knowledge could be use in diplomacy and in intrastate conflict research. I belive the Faroese audience today will learn much from the [...] still giving today with great enthusiasm emphasizes their world personalities and endless struggle to reach their goals. They have as others made their mistakes but they are heroes of today. [...] say is that the Faroese are born with the respect of nature and resources that world is asking for today. But this does not make the Faroes a perfect society, yet. Oldest parliament in the World The social

years USA was the main market for faroese fish products.Generally the market was favourable with high prices, which the european markets generally could not compete with. Both the faroese fish industry and [...] in the sad 90ies the export to USA came to a halt and never regained the same volume as earlier. Today the trade between USA and Faroes is on a very small scale which I feel is not satisfactory. Still

the value of such a system and they wanted it developed immediately. The Danish company Mærsk is today one of their largest client, but it is Faroese who own the company, which now has a fully developed [...] globe, can see that exactly that pump has a malfunction, says Mr Hoydal. The Keel Solution system is today an integrated part of standards, when new platforms are built. The Faroese Company is in the process [...] for Keel Solution, Mr Dánial Hoydal. -Very much is happening in the oil industry at the moment. Oil prices are high and oil companies are interested in increasing effectiveness where at all possible. Therefore

their first offshore licence round. . The exploration activities around the Faroe are ongoing, but today the company has its offices in Aberdeen and Stavanger. Faroe still has a small office in the Faroe [...] or people. This is a major challenge, but of course has its benefits in relation to the high oil price, something most oil companies are happy about. This is the main reason for the high level of offshore [...] an exciting environment that we would like to expand gradually. There is a general lack of people today, but we believe we can offer something special, an exciting challenge which is rewarding in may ways