Scotland's Decision - A Scottish debate: Oil and independence (P.1)

Huge reserves of black gold lie under the North Sea off Scotland’s coastline. Oil was discovered in the 1960s and 70s but more than half of the reserves have now been extracted.

Nationalists argue that the oil hasn’t benefitted Scotland because it has remained part of the United Kingdom. And they say they would expect to retain the vast proportion of it (up to 90%) if Scotland goes independent.

But critics say an independent Scotland would rely too heavily on North Sea oil revenues, which are depleting and are subject to the ups and downs of world oil prices.

In response, the nationalists say they will replace oil dependency with renewable green energy, becoming self-sufficient by 2020, taking advantage of Scotland’s wind and wave power.

Scotland’s constitutional future will be decided on September 18 in a vote brought about by the Scottish National Party-led government in Edinburgh.