oil

Following on from reports today (Friday) that a ‘major’ discovery of oil in the North Sea, Aberdeen North MSP Brian Adam has renewed Prof. Josef Stiglitz call for an Oil Fund. The Nobel Prize winner and former Chief Economist of the World Bank, said on BBC Scotland’s Newsnight programme on Tuesday (24th August) that the UK had “squandered" it's oil wealth and that it is now "imperative" an oil fund is established to secure the wealth that remains under the North Sea for future generations.

The UK has "squandered" it's oil wealth and it is "imperative" an oil fund is set up now to secure the wealth that remains under the North Sea for future generations according Nobel prize winning economist Joseph Stiglitz.

SNP MEP Alyn Smith has tonight expressed his disappointment that EU Energy Commissioner Günther Oettinger has remained steadfast in his commitment to a total ban on new oil exploration in the EU.

Commenting on the report that the Norwegian oil fund recorded a 25.6% return on investments in 2009, the SNP's Westminster Treasury spokesperson, Stewart Hosie MP, said that future revenues from Scotland's oil should also be invested for Scotland's future in order to help protect and create jobs.

Research by the SNP has revealed that the Falkland Islands Government is set to benefit from any oil discovered there - while revenues from North Sea oil continue to prop up the UK's ailing finances.

SNP Energy Spokesperson Mike Weir MP has cautiously welcomed proposals by Chancellor Alastair Darling to offer tax breaks to the oil and gas sector.

SNP MSP Dave Thompson has welcomed news reports today that Shetland Council has called for the consideration of the devolution of control over oil and gas within Scottish waters to the Scottish Parliament. The call was made in their submission to the Calman Commission.

Fuel Duty looks set to be a key issue for the Glasgow East by-election as Gordon Brown wobbles in the first days of the campaign. The SNP wants a fair deal for Glasgow East and is calling on the UK Government to scrap the fuel tax rise and to return Scotland’s share of the current fuel tax windfall, equivalent to £40 a week for every household in Glasgow East.

SNP MSP Kenneth Gibson has today called on Wendy Alexander to outline her position on Scotland’s current oil crisis and the importance of establishing an oil fund to put aside a portion of current oil revenue for investment in Scotland’s future.

First Minister Alex Salmond today stepped up his call for extra cash generated by rising oil prices to be used for Scotland's benefit.