In 1970, large quantities of oil were discovered off the coast of Scotland. The SNP exploited this with their highly successful "It's Scotland's Oil" campaign: arguing that during the 1973–75 recession that the oil would belong within the territorial boundaries of an independent Scotland and would help to mitigate the effects of the economic recession in Scotland should Scotland become independent. The party won 7 seats and 21.9% of the vote in the February 1974 general election and won 11 seats and 30.4% of the vote in the October 1974 general election, before losing the vast majority of their seats to Labour and the Conservatives in 1979.