New Analysis Blows Hole in Oil & Gas Over-Reliance Scaremongering

>> Sunday, 25 November 2012

A new analysis of the role that oil & gas revenues have played in the Norwegian Government’s budget has blown a major hole in claims that an independent Scotland would be over-reliant on the oil & gas sector.

The figures which - were compiled by the Scottish Parliament’s Information Centre (SPICe) - show that in each of the last twelve years, the Norwegian Government has been significantly more reliant upon oil & gas revenues than an independent Scotland would have been.

Anti-independence politicians have repeatedly claimed that the size of the contribution made by oil & gas revenues to an independent Scotland’s budget would make Scotland over-reliant on the sector.

However, Norway has built an exceptionally robust economy while having a far greater reliance on the oil & gas sector than an independent Scotland would.

Commenting, SNP MSP Maureen Watt said:

“Anti-independence politicians have repeatedly tried to make bizarre claims that an independent Scotland having a major natural resource to call on is somehow a bad thing.

“Well if that’s the case then how do they explain the success of Norway which is significantly more reliant on its oil & gas resources than an independent Scotland would be?

“Norway benefits from their oil & gas revenues to a far greater degree than an independent Scotland would, and you would struggle to find anyone prepared to criticise the strength of their economy and society.

“The simple fact is that - as the recent Institute for Fiscal Studies report showed - with responsibility for managing our own resources, Scotland would be in a stronger financial position than the rest of the UK.

"There are up to 24 billion recoverable barrels of oil equivalent remaining in the North Sea with a wholesale value of over £1.5 trillion. That is more oil and gas tax revenue still to come out of the North Sea than has already been generated.

“That gives us a fantastic starting point from which to pursue the kind of policies that will grow Scotland’s economy, and build upon the progress that has been made by the Scottish Parliament.

“Only a Yes vote in 2014 will secure that opportunity for Scotland, and ensure that Scotland’s resources are used to build a lasting legacy that benefits all the people."

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