Scottish oil surging back toward £100 per barrel and massive Treasury revenue?

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According to Reuters, Brent crude touched $77.20 per barrel, yesterday. Today, Alex Kemp, professor of petroleum economics at Aberdeen University predicted that Oil could breach $80. This prediction was triggered by President Trump’s intended sanctions against Iran, but higher prices have long been predicted, based on the massive growth of the South and East-Asian middle classes. See:

Will Scotland’s oil hit $100 (or more?) a barrel again after 2020?

Is a third forecast that Scotland’s oil will hit $100 per barrel again, a sure sign?

Further strengthening the expectations of continued wealth from North Sea Oil, is the evidence emerging that peak oil is some way off. See:

20 years till peak demand for Scotland’s oil, time to get our share?

This suggest massive taxation possibilities which could accrue to an Independent Scotland, assuming our Treasury has the will to properly tax the producers, which the UK Treasury mysteriously does not. See:

Correction: Office for Budget Responsibility massively underestimates North Sea oil revenues

Scottish GDP grows by 10 times UK rate in first quarter of 2018 or could that be 30 times with proper taxation of oil revenue?

While I agree that the case for independence should not be reliant on oil, surely we cannot ignore this gift next time and must make sure it is common knowledge that Scotland should be rich?

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3 thoughts on “Scottish oil surging back toward £100 per barrel and massive Treasury revenue?

  1. Alasdair Macdonald May 11, 2018 / 11:23 am

    Interestingly the BBC Scotland page reports on a solar power development by the Glasgow Caledonian University in which city footways are paved with blocks which have solar cells inserted so that the public spaces become energy farms. There is an international competition being organised for the World Cup in Qatar to demonstrate such technologies and the GCU team has qualified for the ‘final’ – which as the article indicates, wryly, is the only Scottish team that will be appearing!

    Oil and Gas are very important and we should not fall for the sneer that they are a curse on the Scottish economy, which has to be run by Westminster because, as Johan Lamont tellt us ‘we are not genetically programmed to run our own affairs’. Westminster does not want to hold Scotland close because they love us, it is because it is these oil and gas reserves that prop up the pond and, if Scotland became independent and we ‘were not allowed to use the pound’ Westminster would be in the grubber. The pound would collapse because of the removal of the prop and that an independent Scotland would be debt-free and ALL the Uk debt would be in Westminster’s bag.

    We have to move away from fossil fuels and to use petrochemicals for other purposes. We must develop more renewables and, since Scotland contains 25% of EUROPE’S renewables potential, energy, in the widest sense will be a strong foundation pillar for our economy. In that context the GCU proposal is an exciting possibility.

    Like

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