OVER 23 BILLION DOLLARS OF OIL DISCOVERED IN NORTH SEA

OVER 23 BILLION DOLLARS OF OIL DISCOVERED IN NORTH SEA

NORTH SEA WINDFALL ADDS TO CASE FOR INDEPENDENCE

Commenting on news today [Monday] that up to 300 million barrels of oil have been discovered in the North Sea, Aberdeen North MSP Brian Adam said that this only adds to the overwhelming evidence that Scotland would be in a better position financially if independent. Mr Adam renewed calls for an oil fund, similar to that of Norway’s, in order to avoid the mistakes of the past and stop this Tory Government blowing this windfall like Thatcher did with the first.

At the current price of $78.08 a barrel, this would equate to $23,424 000 000.

The discovery by EnCore Oil is one of the largest in the past decade and described as “exceptional” by the company. The news comes just one week after official GERS figures showed that an Independent Scotland would see a budget surplus of over £1 Billion and the UK struggling with a deficit of almost £50 billion.

SNP MSP Brian Adam said:

“This is good news for the North East and the whole of Scotland. The oil industry has contributed a great deal to Scotland, especially in Aberdeen, and it’s showing no sign of drying up despite the pessimistic view taken by the London Parties in the 70’s.

“An Oil Fund would protect Scotland from times of economic uncertainty and also help protect and create jobs.

“In the 1970’s the UK treasury tried to hide the real the potential of North Sea oil and the boost it would give to an independent Scotland – this can’t happen again. The time for an Oil Fund is now, Scotland’s resources should be funding employment, education and our National Health Service – not Nuclear Weapons, not illegal wars and not ID cards.

“Just last week the GERS figures showed Scotland with £1.3billion surplus, while the UK as a whole is suffering from a deficit of £48.9 billion – the case for financial independence couldn’t be any stronger.”