Oil

The following comes from: http://www.snp.org/independence/benefits

More than 90 per cent of the UK’s oil revenues come from the Scottish sector of the Continental Shelf. So it really is Scotland’s oil.

Over the past thirty years 35.4 billion barrels have been extracted from the UK sector of the North Sea, producing a cash windfall for the UK UK sector of the North Sea, producing a cash windfall for the UK government of £217 billion. There is plenty of potential left in the North Sea with as much as half of the oil yet to come and new opportunities opening up for the oil industry to the north and west of Scotland.

As an independent country Scotland could follow the example of Norway and invest a share of our future oil revenues in a fund to benefit future generations. By investing just part of our oil wealth, Scotland could have an Oil Fund worth billions within a decade.

In addition to oil, we have vast renewable energy potential. Scotland has 25 per cent of Europe’s wind and tidal capacity and 10 per cent of its wave power. There are huge, untapped opportunities for offshore energy production and for clean carbon technologies like carbon capture. The SNP is determined to harness this potential and turn it into a successful and sustainable industry.

Oil and renewables - along with a set of pro-Scottish business policies – can help transform Scottish prospects over the next 30 years. They are far too important to be left to London. It is time to move on so Scotland’s precious natural resources can help fuel our nation’s future prosperity...

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Independence would enable Scotland to become more successful. Other small European countries have higher levels of economic growth and living standards than Scotland. Independence gives those nations the powers to shape their country for the better. Scotland could have this too.

Off our east coast lies Norway, the second most prosperous country in the world. Off our west coast lies Ireland, the fourth most prosperous country in the world. Off our north coast lies Iceland, the sixth most prosperous country in the world.

These independent countries represent an arc of prosperity - and Scotland has every bit as much potential as any of them. We have abundant natural resources, an educated and skilled workforce and a globally recognised identity and reputation for quality and integrity.

With independence, Scotland could join this arc of prosperity. We could pursue economic policies designed specifically for our circumstances, to give us a stronger economy, better public services and a fairer society.

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