Photograph: Arnulf Husmo/Getty Images
There have now been five predictions of oil at $100 per barrel:
It is currently trading at $80pb:
According to the Financial Times in January 2018:
‘Industry estimates suggest there are still about 20bn barrels of oil and gas left to be exploited in the North Sea and while its longer-term production outlook is in decline, it is right now, in the words of Mr Kirk, “healthily mature”.’
So, not counting the billions of barrels west of Shetland or the gas, North Sea oil revenue, pre-tax, alone could be as high as $2 trillion between now and 2050.
That gives us plenty of time to gain independence and get some serious tax revenue before the end of the oil era.