Almost all Oil & Gas producing nations across the world have benefited from and also secured their future prosperity by establishing an Oil funded Sovereign Wealth fund. What is an Oil funded Sovereign Wealth Fund: In laymen’s terms it’s when an Oil rich country uses a percentage of its annual tax take from Oil and Gas operations and subsequently invests the money in global stocks & shares, commodities etc in turn this generates substantial amounts of new extra revenue for the country which can than be either be reinvested, used to clear the national debt or spent making the nation a better place to live. Simply put It’s like me or you taking a percentage of our wage each month to invest in stocks and shares that will ultimately make us lots of money & all the richer for it. Norway started up an Oil funded sovereign wealth fund in 1990. By 2013 the Norwegian oil wealth fund reached a surplus of $828 billion - helping Norway to become the richest country in the world. This is enough to make every Norwegian a millionaire. Norway’s is also only the only developed nation on the planet that does not have national debt, it does not need to borrow money to run the country, it has no deficit – no food banks or austerity cuts for them! Oil producing nations across the world have benefited from establishing similar investment funds. Only 2 Oil producing nations have ever failed to create an Oil Fund: Iraq under Saddam Hussein and the United Kingdom. There is estimated to be 50-80 years’ worth of Oil & Gas reserves left in the North Sea – If Norway with a similar sized population to Scotland can within 20 years of setting up a sovereign oil fund become the richest nation on earth then why can’t Scotland do the same when we have more Oil and Gas reserves off our shores than Norway. Scotland also has a more diverse economy than Norway Keep in mind that only 2 nations have ever failed to set up an Oil fund: Iraq under Saddam Hussein and the United Kingdom – vote YES to change this and vote YES to stop Scotland Oil money being wasted on things like HS2.
Posted on: Tue, 24 Jun 2014 17:26:55 +0000
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