Dear Editor,
I, Dhruva Kumar, as a former MP candidate for the ALBA Party and a lifelong advocate for Scottish self-determination, write to you with urgency: Scotland stands at a crossroads – and the stakes could not be higher.
The story of the North Sea oil boom is one of lost opportunity, misguided policy, and the biggest wealth gap in European history. In 1970, both the United Kingdom and Norway struck black gold beneath the frigid waters of the North Sea. Yet, half a century later, their destinies could not be more different.
Norway, choosing state ownership over corporate giveaways, transformed its oil wealth into the world’s largest sovereign wealth fund now worth $1.74 trillion, or over $300,000 per citizen. The UK, in stark contrast, sold its reserves to private markets, leading to billions in corporate profits while returning scraps to the public purse. In 2020, the UK earned a paltry £0.2 billion from North Sea oil, compared to Norway’s staggering £9 billion 45-fold difference.
Scotland, as a resource-rich nation within the UK, has been left with little to show for its natural bounty. The revenues that could have provided world-class public services, infrastructure, and economic security instead filled the coffers of multinational oil giants. Meanwhile, Scottish citizens were left with rising costs of living, austerity-driven policies, and no lasting legacy from their natural wealth.
Supporters of the Union argue that Scotland benefits from UK-wide economic stability. But how can one defend stability when London-centric policies have squandered Scotland’s most valuable resource? The evidence is overwhelming: had Scotland followed Norway’s model, it could have built its sovereign wealth fund, securing long-term prosperity for generations.
Norway’s $1.4 trillion fund is not a fantasy-it is proof that sovereignty works. Westminster’s refusal to steward Scotland’s wealth is not a mistake-it is a policy.
Publish this reality: If Scotland had retained control of its oil since 1970, its sovereign fund could exceed $1.2 trillion today to pay every citizen £20,000 annually for life.
Westminster’s track record is clear:
- 2022 Windfall Taxes: UK oil giants like BP and Shell reported $40 billion in profits, yet contributed minimally to public coffers.
- Mismanagement: The UK has no sovereign wealth fund, while Norway’s grows by $150 billion annually (2021–2023 average).
The UK’s windfall tax fiasco of 2022 underscores this betrayal. While BP and Shell raked in $40 billion in profits, Scots faced soaring energy bills. This is not governance-it is exploitation.
GB Energy is as real as a workable heat pump on the Shetland Islands during the dead of winter-a hollow slogan masking systemic neglect.
The question for Scots is simple: do we continue allowing our wealth to slip through our fingers, or do we take control of our own destiny? The answer lies in sovereignty.
Yours sincerely,
Dhruva Kumar
Former Glasgow South MP Candidate
Depute Convenor, Media Officer, Alba Party Glasgow
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