For some years, the prospect of reclaiming control of North Sea oil deposits has been a cause among Scottish nationalists. The issue of North Sea oil was a factor in the push for regional autonomy in the 1970s and is a factor in the forthcoming vote on independence for Scotland. With revenues from North Sea oil, an independent Scotland would be wealthier than the region is now as a part of the United Kingdom.
At Forbes, Brett Arends notes that in the 1970s the English establishment scoffed at such arguments, claiming North Sea oil reserves were less than the Scots believed, and they disputed claims that Scotland should have control over the oil.
Mr Arends has found a report based on a secret study done in 1974 by economics professor Gavin McCrone which points out that the reserves are substantial, and an independent Scotland would “become one of the most prosperous countries in the world, comparable to Switzerland or Norway”
report can be read @ http://www.oilofscotland.org/mccronereport.pdf
Mr Arends quotes the report as noting “The full significance of North Sea oil… remains in large measure disguised from the Scottish public,” and has done a public service publicizing this report in the lead-up to the vote September 18 on independence for Scotland.