Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Autumn Statement: Alex Salmond argues Westminster got it wrong

Salmond hits out at Trump
Salmond hits out at Trump

There are three things wrong with the UK Parliament’s approach to the oil industry.

Firstly, there is no gratitude whatsoever. Over the last 40 years more than £330,000million has poured into the Westminster Exchequer, around £60,000 per head for every Scot.

Scotland’s resources have bankrolled successive Tory and Labour Chancellors.

They present any crumb of a concession as if it were a gift.

Actually, now should be payback time for Scotland.

Secondly, they have no long-term perspective.

The Liberal Democrats assume that oil prices will stay low. They won’t.

Once the current output war between OPEC and US frackers is over, prices will recover.

For example, OPEC last month forecast an oil price of $110 up to 2020.

However, even if prices were to stay at $70 the value of likely recoverable resources up to 24 billion barrels suggest a wholesale value of oil and gas of over £1,000 billion more in revenues.

Only in the topsy-turvy world of Westminster would such a vast resource be regarded as a liability.

Thirdly, it is clear what needs to be done.

We need a tax system which incentivises exploration, shared facilities and enhanced recovery and is sensitive to periods of low prices; and a tiny reduction from 32 to 30% in the supplementary charge as the major proposal is downright insulting.

The Chancellor’s limited and passing mention of oil in the Autumn Statement today tells us all we need to know about Westminster and oil.

They are quick to grab when times are good and slow to help when the times are tough.

The Tories’ announcement of an oil fund for the North of England tells us all we need to know about Westminster and Scotland.

They regard us as second class citizens to be treated with contempt.

Given the appalling track record, Scotland’s oil and gas are too important to be left under Westminster control for any longer.

Recommended for you

More from Energy Voice

Latest Posts