In reply to Postmanpat:
> Argument? evidence? The estimated value of an oil fund for the UK per capita after 40 years is £13k.
> Can you give your calculations or of why this figure was better than the policies adopt red?
I am no oil economist ( maybe you are, if so happy to see your analysis, but rather there seems to be a con census that we have ( see links)
I had been reading a lot of stuff around Benn , and it seems to be the received wisdom, that the companies exploiting the oil, were exploiting the UK, or were about to. Benn saw this, and set up companies to redress this, but a change of government stopped some of this, and the continuity was lost, to the advantage of the oil companies.
Worst still there was no oil fund set up to benefit the Uk, nor was the money invested in UK infrastructure , as much as perhaps should have been.(Thatcher was landed with a oil revenue windfall that she had other plans for)
http://www.theguardian.com/business/economics-blog/2012/mar/29/north-sea-oi...
"Britain has squandered golden opportunity North Sea oil promised
Norway saved up its North Sea revenue to pay for an ageing population, but the UK has frittered its windfall away"
.newstatesman
Thatcher and North Sea oil – a failure to invest in Britain’s future
Had Thatcher been a truly visionary politician, she would have established a wealth fund for the oil windfall, not squandered it on tax cuts and current spending.
http://www.telegraph.co.uk/earth/energy/10103345/We-wasted-North-Sea-oil-le...
"We wasted North Sea oil – let’s not do the same with shale gas
A sovereign wealth fund based on Britain's newest energy resource is not to be sniffed at"
http://www.businessforscotland.co.uk/westminster-takes-absurd-position-on-s...
http://www.bbc.co.uk/news/business-19871411
"Has the UK squandered its North Sea riches?"