SCOTTISH JOBS POTENTIAL FROM OIL WILL BE ELECTION ISSUE

NORWEGIAN OIL FUND

SCOTTISH JOBS POTENTIAL FROM OIL WILL BE ELECTION ISSUE

LONDON POLITICIANS MUST WAKE UP TO IMPORTANCE OF SCOTTISH OIL FUND

Commenting on the report that the Norwegian oil fund recorded a 25.6% return on investments in 2009, the SNP's Westminster Treasury spokesperson, Stewart Hosie MP, said that future revenues from Scotland's oil should also be invested for Scotland's future in order to help protect and create jobs.

Mr Hosie warned that the lessons of the 1970's, where London politicians claimed the reserves would not last long, made the case for the establishment of an oil fund to secure the benefits of oil revenues for future generations.

Commenting Mr Hosie said:

"These figures are an embarrassment to the Scotland Office and their attempts to talk down Scotland's economy at this difficult time.

"It's Scotland's oil and gas industry which is the only thing keeping the London Treasury afloat. Over the next six years, £50 billion worth of North Sea revenues will flow to the London exchequer to shore up the UK's precarious finances.

"That figure alone represents over £20,000 for every household in Scotland.

"The London party politicians must not think that they can fool the people of Scotland again. As the 1975 McCrone report showed, London politicians will try and deny the potential Scotland’s oil could have on Scotland’s economy.

"This survey underlines how there is a strong economic future for Scotland's oil industry and the jobs associated with it.

"There is a real sense of déjà vu at the moment. We have London Labour politicians at the Scotland Office claiming that oil revenues would not help an independent Scotland despite the fact that even their own dodgy figures show Scotland in a better financial position.

"There is as much oil left in the North Sea as has been taken out of it - and much more than half of the revenues. Scotland's oil industry has a positive future. With the UK making billions in revenue from North Sea oil over the last 30 years, it is now time to ensure that future revenues are invested properly for Scotland's future.

"In the 1970's requests for an oil fund were turned down - a repetition of this failure by Labour in the 21st century would be unforgivable.

"The UK Government must see the error of its ways and enable Scotland to invest our own oil revenues for our future.

"Scotland needs more SNP MPs at Westminster to champion Scotland's interests and fight for Scotland's oil wealth to benefit local communities - not prop up the London Treasury. Only SNP MPs will fight for a fairer share of Scotland's oil revenues."