It is worthwhile taking a moment to marvel at the built environment around you – houses, shops, offices, factories, hospitals, roads, railways, airports, cars, aeroplanes and so forth – and to then realise that virtually ALL of this was built using energy from fossil fuels – oil, natural gas and coal. At the same time fossil fuels provide virtually ALL of the energy that flows through our society, enabling economic activity and the creation of wealth. Fossil fuels are heavily taxed at every stage of their production and use. The economic activity they enable is taxed as well creating vast revenue streams that pay for education, defence, healthcare, welfare and pensions.
In the run up to the referendum there were wild stories and reports in circulation about vast untapped and undiscovered oil reserves lurking in the depths of Scotland's seas.
With just few weeks to go before the independence referendum vote on September 18, many minds may be turning to the promise of a sovereign wealth fund in a newly independent Scotland.