Time has come to affirm it’s Scotland’s oil

According to oil industry experts, apart from Price- waterhouseCooper, at least 38 per cent of the UK North Sea resource remains to be recovered. If present-day prices or equivalent prices prevail, in real terms that will mean 60 per cent of the total value of all possible recoverable reserves has yet to come.

The renegotiation over which of these likely revenues could be accredited to Scotland relates to the devolution settlement, which is yet to be undertaken.

The main point is that under the current devolution settlement, energy is not a devolved matter. This must surely be changed, whatever happens in respect of independence issues. The Scottish Parliament should have control of our energy resources, including petroleum.

Precedents relevant to Scotland are found in agreements between the UK government and the government of the Isle of Man, and Northern Ireland where the local people can benefit directly from their offshore petroleum reserves.

Scotland needs a settlement to create a proper capital reserve for future generations, somewhat akin to that of Norway, rather than witness short-term UK political needs leaving the total value of our finite petroleum resource to be used up as a transient revenue rather than a finite capital asset.

Elizabeth Marshall

Western Harbour Midway

Edinburgh

The First Minister has now returned from a trip to Doha, Abu Dhabi and Dubai. He will no doubt have been very impressed by what he saw there: three modern cities with populations of more than a million and which have been built virtually from scratch over the past 35 years.

Houses, hotels, office blocks, universities, hospitals, modern roads, spectacular bridges, massive ports; power stations, desalination plants, factories and industrial areas. And, of course, their sovereign wealth funds. It’s amazing to think that this was all done by each of them on the back of oil wealth when each of them has produced less oil than Scotland over this period.

Consider the situation in Scotland over the same period: a stagnating population due to poor economic conditions, a continuing housing crisis, a creaking infrastructure due to lack of investment, serious social and health problems for a large proportion of our population due to unemployment and deprivation.

No wonder so many people are now beginning to question the benefits of our Union with Westminster. My advice to them: don’t be duped again by the Unionists.

Nick Dekker

Nairn Way

Cumbernauld

The SNP continues to show economic illiteracy in its energy policy. The main benefit to the economy from the oil industry lies in setting a level of taxation that does not stop investment in the oil industry but maximises potential tax revenues.

These revenues are then recirculated into the general economy, helping to raise all our living standards. To criticise the UK government for taxing the oil industry at a higher rate suggests a lack of concern for the rest of society as investment in new fields has continued to take place.

Its alternative is not to seek tax revenues from energy production but instead to plough taxpayers’ money into the hands of energy companies and rich land owners and then expect the rest of us to pay higher prices to fund their largesse.

The decision to generate all our energy needs through renewables will inevitably lead to rolling blackouts due to the instability of our energy supplies and fuel poverty.

Alan Black

Camus Avenue

Edinburgh