Mentioned but not headlined in the Guardian, reported in industry media but completely absent from Scotland’s MSM: https://www.bbc.co.uk/news/uk-scotland-62654435
However, in 2020, BBC Scotland’s Douglas Fraser was all over the bad news of oil’s fall to only $18. https://www.bbc.co.uk/news/uk-scotland-scotland-business-52372139
Today’s news is embedded in a BBC Scotland Business piece headed Inflation: Who is benefitting from soaring prices?, five paragraphs in: https://www.bbc.co.uk/news/business-62634983
There is, of course, no mention of increased revenue being gathered by the Treasury nor, obviously not, of the impact of that on Scotland’s supposed deficit based on GERS.
Price Source: https://www.sharesmagazine.co.uk/news/shares/ftse-100-struggles-as-brent-crude-price-tops-36100-again
4 thoughts on “Scottish oil tops $100 per barrel and tax revenue soars amid media silence”
The tax on the Oil is not high enough. When Oil price and profits are higher the tax should be higher. Total mismanagement from Westminster. They do not have a clue. The vacuum of Westminster mismanagement. An absolute disgrace.
UK £270Billion spent in the pandemic. (Mismamaged £Billions list). £370Billion over a life time. Scotland got £8Billion. Scotland could have borrowed it at lower interest rates. Scotland should have got approx £27Billion for parity. £37Billion over a lifetime.
UK Gov whole Accounts. 2019/20. Published June 2022. Download on the internet.
GERs as usual totally misinterpreted. As to Deficiit etc. Scotland revenues and resources totally mismanaged by Westminster Treasury. The pandemic year being totally misrepresented (as the norm) A unique, once only event. One year only pandemic conditions.
Including the additional spend in following years. Brexit losing the UK £Billions. Especially losing Scotland £Billions. Scotland did not vote for it. That is leading to a higher illegal deficit. Unless something is done about it.
UK Gov is taking £Billion from Scotland in fuel and energy. Leaving Scotland worse off. Paying more for fuel and energy despite being in surplus and nearer the source.
As I noted the other day, tax revenue will not soar.
The Treasury isn’t making anything from the North Sea.
“Petroleum Revenue Tax (PRT) receipts have been negative throughout the period. Since its rate was set to zero in 2016, practically all PRT receipts effectively now equate to repayments and appear as negative receipts. PRT repayments hovered between £550 million and £650 million over 2016 to 2017 to 2017 to 2018, peaking close to £750 million in 2018 to 2019 before declining to £408 million in 2019 to 2020 and then to £250 million in 2020 to 2021 .”
The English government started to dismantle North sea oil business before 2010, as soon as the writing was on the wall re the SNP was becoming the preferred party of government in Scotland. There is plenty of oil in Scottish waters and far as I know they are planning to extract from new fields. It takes time and money to prospect for oil, and they know it’s there.
The English government started to decommission viable platforms before 2010, and taxing companies highly to weed out the smaller ones while the bp giants etc could weather the storm. Read, ‘Black and Green gold, Aberdeen’s continuing role in the energy revolution’, published 2010, by the Balmoral group. The English government are quite capable of manipulating the industry to their whims, in order to keep scaring people into believing that Scotland will be destitute should they decide to secure independence.
Scotland doesn’t need oil, and there are plans for huge offshore wind farms
which will bring in huge revenue but while shackled to the next door country, that goes to the English treasury. Scotland has been stolen from to the tune of trillions of £s, it’s tragic and sickening that the money has been spent on infrastructure projects in England mainly in the south, and also wasted on vanity projects, mainly in England, and with little if any benefit to Scotland. There is no oil fund for a rainy day, the UK and sadly Scotland, is about to face some extremely rainy days, metaphorically speaking, and it could all be avoided but the far right wing at the helm at Westminster have plans to wreck the economy and force Scotland to accept ‘charter cities’ and ‘free ports’, selling the land, infrastructure and the people (workers) to dangerous private profiteers. No thanks, Scotland is planning a forward looking, social democratic, human rights based, equal future for all of their citizens. Scotland’s NOT for sale.
Really bad news for the Herald. Hushing it up is the predictable response. What a paper! And to think I used to buy it.
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