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The_Munchmaster
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Scotland bets on North Sea oil, even as the wells start to run dry

 

 

ABERDEEN, Scotland — The discovery of oil deep beneath the waters of the North Sea has made this ancient port city an energy boom town, with some of the highest wages and lowest unemployment rates anywhere in Europe.

 

Now, leaders of the campaign to break from Britain in a Thursday referendum are counting on the spoils of “Scotland’s oil†to help spread prosperity across their newly independent nation, funding schools, health care and social welfare programs. Scottish First Minister Alex Salmond has promised an oil fund, modeled on Norway’s, to ensure that the country’s wealth is broadly shared.

 

But in the final days before the vote, that vision of a progressive and egalitarian society built on a foundation of black goo is coming up against the hard reality of energy economics: After four decades of relentless pumping, the North Sea reserves are long past their peak and could be headed for a steep decline.

 

Diminishing production means that even if Scotland breaks free from the rest of Britain with Thursday’s vote, it may be too late to reap most of the gains. And instead of coming out ahead, the fledgling nation could have to contend with a gusher of red ink.

 

“The early to mid-1980s was when Scotland would have done extremely well if it had had all the oil,†said John McLaren, an energy economist with Fiscal Affairs Scotland. “But there’s no prospect of it getting to anything like what it was in the past.â€

 

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http://www.washingtonpost.com/world/europe/scotland-bets-on-north-sea-oil-even-as-the-wells-start-to-run-dry/2014/09/13/e61edfd9-d0ec-4bb2-826b-38c76bb113aa_story.html

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How would you vote if you could?

 

I can't say for sure. As I'm not in a position to vote I haven't had to make my mind up and I'm still in two minds about it.

 

Of course I like the idea of an independent Scotland but at the same time I have no issue being part of the UK and if Scotland did split what would be the repercussions? Nobody seems to know.

 

If I was in Scotland and was able to vote would my heart rule my head? I really don't know although I suspect not.

 

Of course I haven't lived in Scotland since 1988 and it's quite possible that I'll never live there permanently again so whatever happens it quite likely won't affect me.

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