Thursday, 28 March 2013
The oil must flow
The beginning is a very delicate time, know then that it is the year 2013. In this time, the most precious substance in the world is oil. The oil provides fuel, the oil provides chemical feedstock, the oil is vital to the global economy. Oh yes, I forgot to tell you. 90% of the UK’s oil exists on one nation. A beautiful, wet nation with vast mountains. The nation is Scotland, also known as home…
Alistair Darling's recurring nightmare
Before I torture the late, great Frank Herbert any more, let’s talk a little more about North Sea oil. There is a lot of misinformation floating around, so sticking to the facts would be best.
Full production of North Sea oil can, according to various sources, continue into the 2040’s, and possibly long beyond that. This life can be extended with good management (which small, independent Norway achieves). Part of the expected $1 trillion (or 1 with twelve ‘0’s’ at the end) revenue can be invested to create a sovereign wealth fund that could end up being worth more than the oil itself.
Scotland produces more oil than Libya, and has 25% of the EU’s total oil reserve, but this isn’t the only natural resource we control. Drinking water, which is becoming rarer and more precious every day, is stored in vast quantities. We also have fantastic potential in renewable energy, with the very real possibility of complete energy independence from fossil fuels being achieved within our lifetime.
We have world class universities, a strong healthcare system, and exports of food, spirits, textiles, renewable energy technology, and entertainment products, allied with an experienced tourism industry.
Control over the oil will be a boast to the people of Scotland, yet we need independence to diversify our economy. Westminster hasn’t developed our industries or infrastructure the way they should have so we need to take responsibility for ourselves.
The scare stories and predictions of doom being pedaled by better together don’t match with reality. Regardless of what we choose, the oil will flow.