Oil’s well

The managers of the Norwegian Oil Fund announced on Tuesday that it has reached one trillion dollars. They now own about 1.3 per cent of all the world’s largest companies and their income from these investments was $57 billion last year.

A trillion dollars makes every Norwegian worth almost $200,000 on top of having the best pensions in Europe.

With these investments their prosperity will last for ever.

What a contrast with our own sorry case, where every penny of oil revenues has been squandered by Westminster with not a thought for future generations.

The politicians who allowed this to happen should hang their heads in shame.

Meanwhile a think-tank at Edinburgh University says that oil in Scottish waters will run out in ten years.

This ten-year ending has been forecast every five years or so since 1975 and has always been used by Unionists as a reason why Scotland cannot afford to be independent. However, this latest forecast has been widely derided by the Oil and Gas Authority who point out that there are many massive new developments going on, involving billions of pounds of new investments by major companies such as BP, who are planning production from Scottish waters to last until at least 2050.

It is strange how Norway’s oil is a blessing whereas Scotland’s oil, according to Unionists, is always just about to run out and is pretty worthless.

JAMES DUNCAN Rattray Grove, Edinburgh