The First Minister announced yesterday that the Scottish Government is to commission a study of the benefits of an oil fund for Scotland, after the revelation that a fund for the UK was considered by the Treasury in the 1970s.

Alex Salmond argued that with as much oil to come from the North Sea as has been extracted, and with the high price of oil, a fund is "an attractive and compelling idea for Scotland now and into the future".

A spokesman for the First Minister said: "In terms of the post-Budget oil price, the Treasury would receive an offshore windfall of between £4-5bn over and above the £10bn forecast for this year. If the more recent even higher prices were maintained, the offshore windfall would be billions higher still.

"This week, the Scottish Government will commission a study into the benefits of an oil fund for Scotland.

"This initiative will look at the experience of independent and non-independent oil producing nations and regions, including Norway, Alberta in Canada, and Alaska in the United States."

He said the Norwegian Oil Fund started 12 years ago was now worth £18bn, meaning that their oil wealth will last effectively for ever, while the Alaskan fund was worth £19bn and Alberta's nearly £9bn.

Mr Salmond told his party's national council meeting in Perth at the weekend: "Scotland's case is entirely reasonable and entirely just. If Westminster will not listen, then the people of Scotland will take the initiative and force the pace of progress with their votes."