Marc Hammerson Quoted in POLITICO on Brexit Vote and Scottish Energy Policy
Akin Gump’s Marc Hammerson, a partner in the firm’s oil and gas practice, was quoted in the POLITICO article “Oil used by both sides of Scotland independence debate,” examining the Scottish vote in the recent U.K. referendum on whether to leave the European Union and what it could for Scotland’s energy policy.
The article reports that low oil prices are forcing many in Scotland, which voted overwhelmingly to remain in the EU, to consider a second referendum on its own status as part of the United Kingdom. In 2014, the “Stay” side argued that Scotland would suffer if oil prices dropped, while the “Out” side countered that an independent Scotland could take better care of its industry than London. If Scotland becomes independent, according to the article, it would control about 90 percent of Britain’s North Sea oil and gas as well as production.
Hammerson said, “It’s a political question, but it’s got to be a concern for Scotland’s budget, because some claim that an independent Scotland would depend on tax revenue from oil. In the current oil price environment, there could be fiscal-related reluctance on the part of the SNP (Scottish national Party) to go back to their electorate and ask for independence at the current price.”