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Norway Is Walking Away from Billions of Barrels of Oil

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

Phoenix666 writes:

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: 5, Insightful) by ledow on Tuesday April 09 2019, @08:54AM

    by ledow (5567) on Tuesday April 09 2019, @08:54AM (#826622) Homepage

    Well that's not a condescending summary at all.

    I think you'll think that Norway are one of the most affluent nations in the world because they don't throw money away on wars, invest in their people, and have a vast range of assets beyond just oil, as well as being the masters of forward-thinking.

    And I'm not even Norwegian, nor have any connection to Norway.

    The way the summary speaks, you'd think that they just voluntarily slit their own throat for no reason. At worst, they've made a very moral decision over profit, and done so knowingly and willingly. Unlike, say, fecking Brexit.

    Oil might be 20% of their GDP, but "Today, Norway ranks as the second-wealthiest country in the world in monetary value, with the largest capital reserve per capita of any nation".

    Try reporting the story as-is, without basis and anti-socialist sentiment next time.

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