Thursday, 9 January 2014

Norway's Oil Fund Shows Scotland the Way Forward

SNP Treasury spokesman Stewart Hosie MP, has drawn attention to a news report that every person in Norway became a millionaire yesterday – and contrasted the success of Norway’s oil fund with the mismanagement and ‘squandering’ of Scotland’s oil resources by successive UK governments since oil was first discovered.

Commenting on the news, Stewart Hosie said:

“Set up in 1990, the Norwegian energy fund has now risen to a level where theoretically every citizen became a ' Crown ' millionaire yesterday, making Norway an example to other nations of what can be achieved by a small nation using the full powers of independence.

“Norway’s fund is now worth over 800 billion dollars and now owns around one percent of the world's stocks, as well as bonds and real estate around the world."

Mr Hosie added :

“The success of Norway’s management of their energy resources is in stark contrast to the squandering by Westminster governments of Scotland’s oil and gas resources over decades.

“While the Norwegians, using the full powers of independence, wisely invested and saved when they could, successive London governments blew the lot on illegal wars and building up weapons of mass destruction.

“Scotland can learn much from Norway and, when we are independent, strive to follow their example. Like Norway, Scotland has huge wealth in oil and gas, and astounding potential for renewable energy - we have a quarter of Europe's tidal and offshore wind capacity and a tenth of its wave power, but it is only with the full powers of independence that Scotland’s energy potential can be released."
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