“Oil reserve / Long Term Investment fund”
We live in an oil-dependent world, and have got to this level of dependency in a very short space of time, using vast reserves of oil in the process – without planning for when the supply is not so plentiful. The Transition Handbook
Most of us, most of the time, don’t think about how dependent we are on oil, a finite and diminishing resource, because it is too bloody scary to contemplate. If you want to read some overviews of how societies collapse when the resource they depend on runs out, Jared Diamond’s Collapse: How Societies Choose to Fail Or Succeed is a good place to start.
Extracting oil from under the North Sea will get more and more difficult but more and more desirable:
Those who say the oil is running out overstate rather than fabricate: more than half the local reserves have already been extracted and what’s left will be harder and more expensive to pump out. In a manifesto festooned with pictures of windmills looming out of the water, the SNP laid out a plan to succeed North Sea oil with a giant renewable-energy industry.
Switching from oil to renewable energy is an immensely sensible plan (too sensible for partisan attack). But Scotland has oil. And mention of oil in the Scottish Constitution is likely to cause problems wider than simply “thanks very much, we’ll take our share of the NHS and the BBC and be off now”.