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I found a report a while back detailing oil revenue from the North Sea Oil and it was amazingly variable. I looked at it before the Scottish referendum to see how much they'd been 'cheated' and it wasn't at all obvious they had been. Pre vote the revenue was massive and far higher than it had been for most of its history.

Sep 27, 2016 at 1:42 PM | Unregistered CommenterTinyCO2

SandyS on Sep 27, 2016 at 8:09 AM
"... no effort was made, as far as I can see, to invest for the future using oil revenues as building block."

Well, you haven't looked very hard.

Britain was in relatively good shape in 1997, so there must have been some wise decisions in the 1980s and 90s, after the disastrous 1978–79 Winter of Discontent.

I remember, in the early days, when there was discussion about the amount of oil money available to throw at the Welfare State, oil revenue being quoted, as if the oil equipment and staff were free! Money can only be spent once and, after paying for the equipment out there in the North Sea, much 'spare' cash went into the pensions of the 'hard working oil workers', the rest went into buying the family house, the car to get to work, food and the necessities of life. The wealth wasn't wasted: much was saved and some was used to effect change.

I remember British Coal, British Steel and British Leyland: all going nowhere without the will or the means to do anything about it, if only because no competent graduate in their right mind would ever think anything called a career would be possible in one of those dysfunctional organisations.

At least they were fixed, and that did cost money! It was a monumental success, if only because Mrs Thatcher didn't even have a majority of supporters in her own Cabinet. It stopped the rot, but gave Blair even more wealth to waste, and more time before the nation realised what a waster he was.

You are right, "I know Norway is not comparable", so why mention it? Norway as a population one tenth that of Britain so, with roughly equal amounts of oil wealth, the sums don't add up to the same figure per head of population. Norway had to have a Sovereign fund because their small industry sector couldn't have coped with the amount of spare cash they had, so they invested it in other countries, including Britain. OTOH, Britain already had the capacity to invest it: at least the Private Sector did! The State Sector (and the Blair/Brown Labour Governments) didn't bother because they didn't care about future liabilities, or accounting, let alone accountability. They could have used some to pay off the National Debt or finance hospital building, instead of PFI, but they went on a spending spree, spending other people's money instead.

These are Twenty Year old discussions, at least, and it doesn't do justice to what the site used to be.

That there is so much that is going on, with Angela Merkel saying she won't bail out Deutsche Bank, knowing that if she does, the Italian banks will have to be bailed out as well, with Spain, Portugal and Greece still comatose, but still twitching, ... and then the Eastern EU provinces (Poland,Hungary, Slovakia etc), realising they are fighting for their identity, for their survival, the German Energy industry becoming as dysfunctional as the EU itself, and new revelations about the Climate Change Illusion, yet they pass this site by.

It is sad indeed. A period of quiet contemplation would be better, so we could have our attention drawn to relevant news of the day, when it is posted.

Sep 27, 2016 at 12:58 PM | Registered CommenterRobert Christopher

ACK 12:22 , it could be a brand new job creation scheme for the revolution in British life that Corbyn has planned.

Blessed are the Candlemakers, for they will light up the country.

Sep 27, 2016 at 12:55 PM | Unregistered Commentergolf charlie

This is an excellent post on Not a lot of People know that. Which I totally endorse.

Why The UK Should Not Sign The Paris Agreement

Sep 27, 2016 at 12:54 PM | Unregistered CommenterRoss Lea

I see London building sites are coming into blobby political crosshairs - operations permits for cement mixers, dumpers, cranes, loaders and donkey engines anybody?

I'd bet somebody is already dreaming up snappy acronyms and scoping out the extents of the bureaucracy. JCB gearing up to produce assorted hybrid / all electric diggers and dumpers...

Sep 27, 2016 at 12:47 PM | Registered Commentertomo

Philip Bratby

In answer to you question on another forum you may like to read this

Sep 27, 2016 at 12:28 PM | Unregistered CommenterRoss Lea

golfCharlie. Any possibility of the brick-makers and glass-workers unions getting together, like their products?

Sep 27, 2016 at 12:22 PM | Unregistered CommenterACK

This via Paul Homewood's Blog Not a lot of people know that.

Experts Warn Of “Significant Damage” From Smart Meters

Sep 27, 2016 at 12:18 PM | Unregistered CommenterRoss Lea

Robert Lea Industrial Editor

From The Times - Published at 12:01AM, June 9 2015

One of Britain’s biggest unions has backed fracking by agreeing to work with explorers to develop the industry.

In a move that splits the labour movement — Unite, Britain’s biggest union, has been anti-fracking — the GMB has signed a charter with UK Onshore Oil & Gas.

From The Guardian 26 Sept 2016
Labour's pledge to ban fracking in the UK is 'madness', says GMB. Party’s union donor says Britain would be forced to rely on ‘henchmen, hangmen and headchopper’ dictators for gas

 Barry Gardiner’s pledge makes Labour even more oppposed to fracking than the Scottish government, which has postponed the procedure until it is researched further. Labour’s third biggest union donor has attacked the party’s decision to pledge a ban on fracking in the UK as “nonsense” and “madness”.

The GMB, which backed Owen Smith for the party leadership, criticised the move, saying it would force the UK to rely on foreign dictators – “henchman, hangmen and headchoppers” – for gas, as well as needlessly stop the creation of high-skilled jobs.

Sep 27, 2016 at 12:12 PM | Unregistered Commentergolf charlie

Use biofuels!

except when we say so

Sep 27, 2016 at 12:08 PM | Registered Commentertomo

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