Scottish Oil revenues are massive and were known to be for the last 40 years or so.
What is a barrel of Oil? Why does the price of oil keep going up when there is so much Scottish Oil under the North Sea off the Scottish Coastland?
This series of videos about Scottish Oil Revenues are looking at why we are still all suffering from high prices. Given this information we can start asking questions such as
“Oil is going up in price and a lot of the UK tax is related to the price of oil so why is Scotland where the oil came from still not receiving its fair share.”
“We could even ask why Scotland does not even get back a share in proportion to its population in the UK.”
The video featuring Tony Benn former MP below shows
Just how much tax goes to the UK Government from Scottish oil reserves.
How the Government benefited even when the oil companies did not find any oil in the areas they were drilling.
Petrol companies then start paying massive amounts of company tax and 65% of all petrol put in car tanks by the Scottish people is paid in tax to the UK government and virtually none of it comes back to Scotland.
It has also been shown conclusively that Scotland is the ONLY country in modern times that has found large reserves of oil and has ended up poorer.
Countries like Norway set up a reserve bank account into which an allocation of the oil profits have been added each year. Norway now has huge cash reserves ready to pumped into the economy if need be.
This is the first of a series of video and comments on Scottish oil revenues.
Let us know what you think of the statements made here. Did they surprise you?