Debate Around Size of Scottish Oil Reserve Heats Up

A week before Scotland votes on whether to split from the United Kingdom, a furious row has erupted over just how much oil the new state would have.

The heart of Britain’s energy industry is in Scotland. Oil and gas firms, and their suppliers, employ about 200,000 people and contribute about £15 billion ($25 billion) to the economy.

Around 90% of U.K. oil comes from areas that are likely to be claimed by an independent Scotland, and that energy wealth is central to the economic program put forward by its backers.

For decades, supporters of Scotland’s independence have accused London of squandering taxes paid on oil and gas extracted from below the North Sea.

via CNN

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza