People in the Scottish city continue to live well, thanks to high wholesale energy prices.
While most of the UK has been suffering from the credit crunch-induced economic downturn, at least one area continues to enjoy the good times: the Scottish city of Aberdeen.
As other towns have faced job losses, a constriction of credit, falling house prices and increasing numbers of home repossessions, high energy prices have kept Aberdeen's economy buoyant, Sky News reports. In fact, "the oil capital of Europe" has attained a level of wealth unseen since the 1970s - which, not coincidentally, was also a period marked by general economic recession and very high oil costs.
A barrel of crude oil is currently trading at around $120 - around six times the level of 2003. Earlier this year, oil even obtained an all-time high of $147 a barrel.
Speaking to the broadcaster, local restaurateur Didier Dejeun commented: "All the oil executives and their families are based here, they have to spend their money somewhere and they spend it in Aberdeen. There is no limit to how much some people will spend. They arrive at the restaurant in their Ferraris and their Bentleys and order champagne."
Stewart Spence, owner of Aberdeen's (five star) Marcliffe Hotel, added: "Aberdeen is basically all about energy and the price of oil worldwide means more employment and exploration, which all comes back to the city.
"People's spending habits haven't changed at all [due to the crunch]. Customers are still asking for the best wines and the lobster."
