From my limited knowledge of politics, I think the vast majority of the revenue raised by the oil industry in Scotland is taken by the UK Government.
The oil will run out sometime but, because of new technologies, wells that were once deemed uneconomocal are now being opened up again because the oil price is so high and it's worth the Oil Companies spending the money to get to the oil because they are getting a good price for it. I filled my car with diesel this morning at my local Asda and it was
Has the UK made any strides in developing new technology that is not so dependent on oil? We all hear about hybrids and electric cars but they never seem to garner the mass appeal that they need to in order to give the oil companies a real run for their money.
There are a couple of companies that I know of that are developing alternative sources of power such as wave generation. The technology is quite simple. Getting it to work correctly is a different matter. The first prototype they put into the North Sea was destroyed by the force of the waves.
I think it's widely accepted that Scotland has the capability of producing energy using waves/wind/tidal far in excess of what it needs. As Brian has said the technology would seem on the surface to be quite simple.
I remember reading an article a few weeks back where our very own First Minister Alex Salmond announced The Saltire Prize which is a
West Coast Oil I think will start coming into play in the next decade. Also there are a few things happening down at Stranraer which add up to a pretty kettle of fish, eg Stena (who have an oil division, don't they) applying for full permission for a ferry terminal and then "cancelling" the project to move out of stranraer town within days of planning permission being granted, the dual carriagewaying of the A75 & A77 in and out of straraer. The new Cairnryan port is still being worked on, with drilling investigations etc, despite the announcement that they're not moving the ferry terminal. And the new cairnryan port is very close the the old, recently sold, fish factory.
Oh, and some of the major retailers are buying land in Stranraer, and then not doing anything with it.
What does it add up to, we'll have to wait and see. But Lochryan is a lovely half way point between the irish sea oil/gas already being drilled, and the west coast fields which have, i believe, had licenses sold already.