The financial crisis has stuck a stopper in the oil sector. BP’s first-quarter profit fell by 62 per cent, although it still earned $2.4bn during three of the darkest months of the credit crunch. That alone is a reminder of the importance of the UK’s energy sector. It pays a quarter of all UK corporate taxes, about the same as its banks. Last year, BP and Shell also accounted for a quarter of the dividends paid by FTSE All Share companies. The sustainability of the oil industry’s profitability therefore concerns not only investors, but the government as well.