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posted by martyb on Tuesday April 09 2019, @02:55AM   Printer-friendly
from the for-how-long dept.

Bloomberg:

Western Europe’s biggest petroleum producer is falling out of love with oil.

To the dismay of the nation’s powerful oil industry and its worker unions, the opposition Labor Party over the weekend decided to withdraw its support for oil exploration offshore the sensitive Lofoten islands in Norway’s Arctic, creating a solid majority in parliament to keep the area off limits for drilling.

The dramatic shift by Norway’s biggest party is a significant blow to the support the oil industry has enjoyed, and could signal that the Scandinavian nation is coming closer to the end of an era that made it one of the world’s most affluent.

How will Norway pay for its social safety network without oil revenues?


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  • (Score: 4, Insightful) by Anonymous Coward on Tuesday April 09 2019, @05:16AM (25 children)

    by Anonymous Coward on Tuesday April 09 2019, @05:16AM (#826554)

    They are leaving it in the ground, not "walking away" from it. There's a big difference. Norway is staying where it is and the oil is also staying where it is, in Norwegian possession, and it may well be extracted in the future.

    If I have money in the bank and decide to leave it there for my descendants, that doesn't count as walking away from my money, does it? Norway is doing the same, but every f*cking story that can be green-spun gets this kind of treatment now.

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  • (Score: 0) by Anonymous Coward on Tuesday April 09 2019, @05:34AM

    by Anonymous Coward on Tuesday April 09 2019, @05:34AM (#826559)

    If I have money in the bank and decide to leave it there for my descendants, that doesn't count as walking away from my money, does it?

    You are neither walking towards them. So, what's the relevance of your example? (grin)

  • (Score: 2) by c0lo on Tuesday April 09 2019, @05:41AM (1 child)

    by c0lo (156) Subscriber Badge on Tuesday April 09 2019, @05:41AM (#826562) Journal

    but every f*cking story that can be green-spun gets this kind of treatment now.

    You beef is with Bloomberg, buddy, check the original FA.
    It's a first for me to hear Bloomberg news qualified as "green spin".

    --
    https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
    • (Score: 0) by Anonymous Coward on Tuesday April 09 2019, @01:51PM

      by Anonymous Coward on Tuesday April 09 2019, @01:51PM (#826722)

      Pay attention. Bloomberg are professionals with the green paint.

  • (Score: 2) by The Mighty Buzzard on Tuesday April 09 2019, @06:28AM (15 children)

    Pssst... I'm not sure if you've noticed but unless they drill and sell it relatively soon, they're not going to be able to sell it at all, ever. There is no leaving it for their descendants. That's not going to be an option.

    --
    My rights don't end where your fear begins.
    • (Score: 2, Touché) by Anonymous Coward on Tuesday April 09 2019, @08:03AM (7 children)

      by Anonymous Coward on Tuesday April 09 2019, @08:03AM (#826600)

      Why? Will someone steal it?

      • (Score: 1, Funny) by Anonymous Coward on Tuesday April 09 2019, @08:15AM (5 children)

        by Anonymous Coward on Tuesday April 09 2019, @08:15AM (#826611)

        Unbelievably Stinking Assholes will "liberate" it.

        • (Score: 0) by Anonymous Coward on Tuesday April 09 2019, @09:49AM (4 children)

          by Anonymous Coward on Tuesday April 09 2019, @09:49AM (#826632)

          How does one liberate gigaliters of oil from under the nose of a country?

          • (Score: 4, Funny) by Gaaark on Tuesday April 09 2019, @11:38AM (3 children)

            by Gaaark (41) on Tuesday April 09 2019, @11:38AM (#826660) Journal

            Find imaginary WMD and invade/start a war and put in a government of YOUR choice.

            --
            --- Please remind me if I haven't been civil to you: I'm channeling MDC. ---Gaaark 2.0 ---
            • (Score: 0) by Anonymous Coward on Tuesday April 09 2019, @03:14PM (2 children)

              by Anonymous Coward on Tuesday April 09 2019, @03:14PM (#826808)

              You must be confused because that would never happen unless the country attacked first

              • (Score: 3, Touché) by Gaaark on Tuesday April 09 2019, @05:59PM

                by Gaaark (41) on Tuesday April 09 2019, @05:59PM (#826952) Journal

                Man, have I got a bridge to sell to YOU!

                --
                --- Please remind me if I haven't been civil to you: I'm channeling MDC. ---Gaaark 2.0 ---
              • (Score: 2) by realDonaldTrump on Tuesday April 09 2019, @06:42PM

                by realDonaldTrump (6614) on Tuesday April 09 2019, @06:42PM (#826992) Homepage Journal

                It can happen if the "people" of Norway demand it. Kuwait, they were having big problems with the Incubators. With, the soldiers from Iraq were taking all the Incubators. And if there was an Incubator with a baby inside, they would dump the baby on the floor. Big piles of dieing babies. But, Nayirah went to Congress, she talked to U. S.A. Congress about all that. And, Amnesty International confirmed it was true. We sent our great, and very brave soldiers. And brought "democracy," very strongly, to Kuwait.

                Venezuela, they have more Oil than anybody. But the "people" of Venezuela are asking for our help. And, we sent "aid." Big trucks full of delicious food. But the Venezuela Army, sadly, set the trucks on fire. And burned up all the food. Although, they have no electric in Venezuela anymore. They used to have Energy Grid. For Refrigerator, for many things. They still have Energy Grid. But it no longer works. Refrigerators sitting and getting VERY WARM. Food spoiling. Because they have a Fake President. He won the Election, it was a VERY BADLY RIGGED Election. So we found them an Interim President. President Juan, beautiful man. And we gave Juan all the Venezuela Oil Money in U.S.A.. All the Venezuela Real Estate in U.S.A.. Lot of stuff and he's using it for the Venezuela "people." To end the Socialism Disaster. And we talked to Exxon, we talked to Conoco. They are ready to go in there and get that Oil. And they'll do a magnificent job with that.

                Saudi, they're #2. And we're doing great with Saudi. They have one of the strongest governments, very efficient. For so long, U.S.A. was protecting them almost for free. Very tough neighborhood, very dangerous and even some of the Saudi "people" didn't want our Military Bases in their country. I flew over there -- to Middle East -- I said, look this can't go on. You've got to protect yourselves. We'll sell you F-35, we'll sell you nuclear, we'll sell you Aircraft Carriers with the latest Digital -- whatever you need to be 100% safe. We did the biggest Arms Deal ever, I got the Kingdom some terrific prices. And we're making a lot of money there.

                Canada, not as much Oil as Venez. or Saudi. But, a lot of Oil. And unfortunately, it's the WORST Oil in the entire World. Very thick and it's full of sand. I moved very strongly on, let Trans Canada build the pipeline to Houston. And somehow they're going to get that VERY BAD QUALITY Oil to Houston. For our Koch Brothers to refine. For the longest time, Canada was absolutely killing us on trade. We were at war -- trade war. And really, we still are. For the first time, America is winning -- because of me. Because of Trump Tariffs. But I worry about the "people" of Canada. Their government is very very corrupt. And many people are saying, Justin of Canada should resign. Should have resigned long ago -- or never gone into Politics. Canadians, TAKE BACK YOUR COUNTRY!!!!

                Iran, also a lot of Oil. Not as much as Venezuela. Not as much as Saudi or Canada. But, a lot. And the "people" of Iran have been suffering for 40 years -- Radical Islamic Terrorism. Nobody knew, nobody paid attention. Except me. And I did a big Announcement yesterday. Telling the World, Islamic Revolutionary Guard Core, also known as I.R.G.C., is TERRORISM. And I've known about these guys for a long time. Trump Tower Baku, they screwed us very badly on that one. On the construction, the landscaping, the everything. No more!!!!

                Norway -- we are listening. We are on your side. We stand with you. 100%. You can't come here -- Country is FULL. But, you can take back your own country. From the Radical Muslims. From the Socialism. 1940s, you had a great Country. You can be Great Again. You know what to do!!!

      • (Score: 3, Interesting) by The Mighty Buzzard on Tuesday April 09 2019, @03:39PM

        Because it's becoming increasingly politically incorrect to drill for or use oil at all. Eventually it's going to be illegal. The same people who think Norway is a model utopia are dooming it.

        --
        My rights don't end where your fear begins.
    • (Score: 3, Funny) by c0lo on Tuesday April 09 2019, @08:16AM (2 children)

      by c0lo (156) Subscriber Badge on Tuesday April 09 2019, @08:16AM (#826612) Journal

      There is no leaving it for their descendants

      Pssst ... there's still the mater of lubricants, their descendants will ... ummm... you know... have smoother experiences.

      --
      https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
      • (Score: 2) by deimtee on Tuesday April 09 2019, @08:35AM (1 child)

        by deimtee (3272) on Tuesday April 09 2019, @08:35AM (#826617) Journal

        I'll see your lubricants, and raise you chemical feedstocks.

        --
        If you cough while drinking cheap red wine it really cleans out your sinuses.
        • (Score: 0) by Anonymous Coward on Tuesday April 09 2019, @08:44AM

          by Anonymous Coward on Tuesday April 09 2019, @08:44AM (#826620)

          I'll see your lubricants

          Move along, nothing to see here.

          and raise you chemical feedstocks.

          Really? 'cause my stock hasn't raised for quite a while.

    • (Score: 0) by Anonymous Coward on Tuesday April 09 2019, @02:36PM (3 children)

      by Anonymous Coward on Tuesday April 09 2019, @02:36PM (#826772)

      Oh, so you can predict the future price of commodities now? I remember 15 years ago, a Ph.D. physicist was trying to convince me that the world was in danger of running out of oil.

      • (Score: 2) by The Mighty Buzzard on Tuesday April 09 2019, @03:42PM (2 children)

        To some degree, yes, but that's not what I was talking about. Anyone should be able to see a rising movement to do away with using fossil fuels at all though and if it stays even remotely on the same trajectory drilling for and selling oil will not be an option for their grandchildren.

        --
        My rights don't end where your fear begins.
        • (Score: 0) by Anonymous Coward on Tuesday April 09 2019, @04:25PM (1 child)

          by Anonymous Coward on Tuesday April 09 2019, @04:25PM (#826875)

          See what happens after 30 years of moderate to no global warming. The pendulum of public opinion never stops.

  • (Score: 1) by khallow on Tuesday April 09 2019, @09:54AM (4 children)

    by khallow (3766) Subscriber Badge on Tuesday April 09 2019, @09:54AM (#826634) Journal

    They are leaving it in the ground, not "walking away" from it. There's a big difference.

    And that difference is? It's not an investment where sitting on it means someone else is using your capital and making things of value. It's wasting an asset. And it won't become any more valuable in the future, particularly if humanity moves away from oil in a big way just like the people who are blocking the move want.

    That's the thing to remember. The people making this choice expect oil to drop in value when it gets regulated out of use for transportation. They're not doing it for the future investment. It is indeed walking away.

    The thing that bugs me here is not the "walking away". It's the lack of reason for doing so. Sorry, I don't buy that global warming or the more local pollution issues of drilling are serious enough to justify this action. In each case, they've had decades to make their cases. I think the fundamental driver is more a form of Ludditism, blocking progress because oil use is perceived as inherently evil - irrespective of actual consequences.

    • (Score: 2) by c0lo on Tuesday April 09 2019, @12:07PM (2 children)

      by c0lo (156) Subscriber Badge on Tuesday April 09 2019, @12:07PM (#826672) Journal

      The thing that bugs me here is not the "walking away". It's the lack of reason for doing so.

      What would be the reason to do otherwise?
      Norway seems to have enough money from their investment [soylentnews.org], so what's your problem with how they choose to do with their oil?

      --
      https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
      • (Score: 1) by khallow on Tuesday April 09 2019, @01:41PM (1 child)

        by khallow (3766) Subscriber Badge on Tuesday April 09 2019, @01:41PM (#826712) Journal

        Norway seems to have enough money from their investment [soylentnews.org], so what's your problem with how they choose to do with their oil?

        Norway != Labor Party != elites of Labor Party cutting deals with other political elites. I guess my problem with it is petty decisions made by proxy.

        • (Score: 3, Touché) by c0lo on Tuesday April 09 2019, @10:03PM

          by c0lo (156) Subscriber Badge on Tuesday April 09 2019, @10:03PM (#827136) Journal

          In the same time, Norway != khallow.

          --
          https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
    • (Score: 1, Interesting) by Anonymous Coward on Tuesday April 09 2019, @02:46PM

      by Anonymous Coward on Tuesday April 09 2019, @02:46PM (#826781)

      That's the thing to remember. The people making this choice expect oil to drop in value when it gets regulated out of use for transportation. They're not doing it for the future investment. It is indeed walking away.

      It's a political decision. I'm sure a significant part of the political majority just wants to slow down the resource extraction and leave more for future generations. If global temperatures don't rise so much over the next few decades, they will revisit the decision.

      "Walking away" would be equivalent to injecting some kind of poison into the reservoir, so the oil can never be extracted. Apart from the technical feasibility, I doubt that move would carry the day politically.

  • (Score: 0) by Anonymous Coward on Tuesday April 09 2019, @01:39PM

    by Anonymous Coward on Tuesday April 09 2019, @01:39PM (#826711)

    Good point.