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.
Drew
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