It's interesting to compare with the UK, which had less North Sea oil, but still a significant amount.
When North Sea oil was first starting, Tony Benn, Energy Minister at the time, wanted to start a fund exactly as the Norwegians later did. We didn't, and unlike the Norwegians we didn't control production.
As oil revenues peaked through the 80s and 90s, Thatcher used them to pay for pre-election tax cuts, welfare and generally squandered the inheritance. Britoil was one of the early Thatcher privatisations. With the benefit of 40 years hindsight many feel the wrong choice was made. Unsurprisingly perhaps, especially Scots. Though who we would have trusted to invest such a fund is another matter.
When North Sea oil was first starting, Tony Benn, Energy Minister at the time, wanted to start a fund exactly as the Norwegians later did. We didn't, and unlike the Norwegians we didn't control production.
As oil revenues peaked through the 80s and 90s, Thatcher used them to pay for pre-election tax cuts, welfare and generally squandered the inheritance. Britoil was one of the early Thatcher privatisations. With the benefit of 40 years hindsight many feel the wrong choice was made. Unsurprisingly perhaps, especially Scots. Though who we would have trusted to invest such a fund is another matter.