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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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Norway Is Walking Away from Billions of Barrels of Oil
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QOTD:
"My life is a soap opera, but who gets the movie rights?"
(Score: 2) by The Mighty Buzzard on Tuesday April 09 2019, @03:36PM
Oil wells are diminishing profit sources. They start slowing down and eventually stop producing entirely. Exploration is necessary to not have your yearly income fade down to nothing. Even more is necessary to offset inflation. Even more is necessary to offset population growth if you're using them as magical free money for social programs.
My rights don't end where your fear begins.