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Alex Salmond Calls For Oil Fund
Friday 8th December 2017
Ravid
Former first minister for Scotland Alex Salmond has called for an oil fund to be established, to ensure that the people in the UK benefit from any rising oil prices, rather than private companies.
According to Energy Voice, the politician said that the UK needs to "get control of the resource" if it is to provide the biggest benefits to the country's population.
Mr Salmond made his comments at the Renewables After Brexit conference in Dundee, where he highlighted the approach taken by Norway, which established its oil fund in 1992, although it didn't pay any money in until 1997. However, as a result it now has a trillion dollar fund that boasts an income far greater than that generated by the UK's oil revenues.
"The mistake that was made was that we didn't take control of it like the Norwegians. Out of that came the biggest mistake which was not to form an oil and gas fund," Mr Salmond stated, criticising the current and previous governments for being short-sighted when it came to their handling of oil revenue.
He said that there are still reserves to last a further 30 to 40 years, and that it's now time for the people in Scotland and around the nation to see the benefits, rather than the funds being funneled to the exchequer and large oil firms.
Last month, chancellor Philip Hammond unveiled tax breaks for those operating in the oil and gas sector, specifically by allowing owners of mature oil and gas fields to pass on tax histories to buyers when they sell.
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