Tuesday, November 25, 2008

Oil Prices and Politicians

Oil is tending to go up in price and this helps oil rich countries.

CRUDE OIL PRICE (Historical Crude Oil Prices Table)

1946 - $1.63

1950 - $2.77

1960 - $2.91

1970 - $3.39

1980 - $37.42

1990 - $23.19

2000 - $27.39

2005 - $50.04

Margaret Thatcher and Tony Blair were kept afloat by Scottish oil wealth.

Now Gordon Brown is being kept afloat partly by Scottish oil wealth.

In a good year, the London government receives £32bn a year revenue from North Sea oil. (Scotsman)

1. Oil revenues have virtually doubled in the period 2007/08 to 2008/09 and are more than forecasted in the previous Budget (SNP response to Pre Budget Report)

2. However, the London government is cutting the money it is giving to Scotland. (SNP response to Pre Budget Report)

3. The London government is going to benefit from Scottish oil for some years to come.

"With just 35 billion barrels recovered to date we are still at the half way point... Given the premium placed on energy resources, there may be two-thirds of the revenues still remaining in the North Sea, with an additional £800 billion pounds to come from Scottish waters in today's money."

Oil 'would make independent Scotland rich' - Times Online


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