North Sea Oil

Lord Hodgson

In the 1970’s Britain discovered that nature had given her a wonderful gift – North Sea Oil. Over the years since that initial discovery the proceeds from North Sea oil have been used to transform areas of our country. Meanwhile new technologies have meant that there was more oil than was originally believed and the means to exploit it now exist.

Nevertheless it is a finite resource and one day, probably not too far into the future, it will run out.

Other countries which have made similar discoveries have not always spent it all the proceeds immediately. They have created Sovereign Wealth Funds which receive a proportion of the proceeds which are then invested to provide the country with an income far into the future.

Norway is one such example. As a result of its Sovereign Wealth Fund Norwegian Government Bonds are some of the most highly rated in the world. In addition the country has achieved a remarkable degree of short term financial stability.

Now Britain may be about to receive a second gift from nature. As a result of the technological changes familiarly called fracking we appear to be sitting on trillions of cubic feet of gas.

If this turns out to be the case should we spend all the proceeds at once? Or should we put some part aside to benefit future generations? I argue that there is a strong case for setting up a UK Sovereign Wealth Fund and not just acting selfishly.

5 comments for “North Sea Oil

  1. MilesJSD
    02/07/2014 at 3:21 pm

    Serious reportage and documentary evidence on TV News channels has shown that
    1. Scotland’s North Sea Oil was never “Britain’s”;
    2. It was literally ‘commandeered’ my Mag Thatcher
    who then
    3. proceeded to “blow” it on building and propping up the English middle and upper classes in their Real Estate and other Investment capital possessions.

    In any event, it is highly unlikely that any further ‘profits’ from Scottish North Sea Oil
    that Westminster might now further con off the Scots
    would ever ‘pay’ for the huge Losses that are imminent from UK’s panicky-mindless Fracking ‘development policy’, is it not ?

  2. maude elwes
    03/07/2014 at 6:09 am

    Really, this opening thread was all about the acceptance of fracking than the benefits of North Sea oil.

    Fracking is indeed a big money maker, as those in the US are telling you and lobbying you to accept, but it is dangerous and seriously polluting to the point of creating the kind of illness the tax payer will once again be footing the bill for. And, such a price to the public is prohibitive.

    Here are a couple of links telling about it.

    http://www.youtube.com/watch?v=Uti2niW2BRA

    And an in depth report warning of its real dangers.

    http://www.youtube.com/watch?v=dEB_Wwe-uBM

    • MilesJSD
      14/07/2014 at 6:24 pm

      Kindly scrutinise not only the concealed greater Contexts
      but the hidden fine-printed details too (maude).

      {There will be no benefits,
      not to any-body,
      not from North Sea Oil
      nor from Fracking}.

  3. tizres
    04/07/2014 at 8:37 pm

    Lord Hodgson, I appreciate your post on who gets the rewards from Government-sanctioned exploration.

    What is your opinion on the Church of England asserting its ancient rights of exclusive benefits beneath my feet, and its ‘up yours’ attitude*?

    *http://www.churchofengland.org/about-us/structure/churchcommissioners/mineral-registration-programme/fracking-clarification.aspx

    • MilesJSD
      14/07/2014 at 7:39 pm

      Established Stakeholders, will get ‘the rewards’;
      namely all of the already super-wealthy and socio-politically powerful Bodies of The Establishment,
      including The Church
      which long ago actually became ‘de facto’ a Competitive-Profit-Seeking-Business.

      The Church also got rich, and ‘got preferment’, by the Selling of Forgiveness Indulgences and assurances of good places in Heaven,
      and by similarly {ad baculumly-cum-misericordiamly etceterally} penetrating Parliament,
      notably today as 25 constitutionally-lifelong guaranteed ‘Lords Spiritual’, therein to be paid as a part of their overall ‘divine’ Workplace.

      Yet they remain long-term unable and de-facto-unwilling
      to live in emulable-personal-efficiency in the Lifeplace
      i.e. upon just one-human-living each;
      [the Sufficient Human Living for a UK resident having been legislated by them, amongst Other influential Parliamentarians and Establishmentarians, to be 145 pounds-sterling per week, (business-costs excluded as being met by their overall Employer) ].
      —————
      So maybe we should, rightly-spiritually, think such constitutionally-entrenched powers as “Ancient Rights”
      to be more truthfully
      ‘Ancient Rorts’ ?

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